“There’s a serious car crash coming.” Award-winning journalist Felipe Schrieberg discusses the potential pitfalls of whisky cask investment.
In March this year, Schrieberg and whisky broker and consultant Mark Littler launched Protectyourcask.com, a website designed to offer clear and transparent information regarding buying and owning casks of Scotch whisky.
They saw a need for such a website following the rising interest in whisky cask investment – and simultaneous risk of fraudulent activity.
In December 2023, The City of London Police urged people to be wary about whisky cask investment advertisements, as consumers lost £3 million (US$3.8m) through alcohol investment scams in 2023. The Advertising Standards Authority (ASA) revealed 89 reports were made to Action Fraud about alcohol investments throughout 2023, with losses totalling £3m.
“The quality of the people in this industry is what’s made me fall in love with this industry, and to stay in it, and to work in it,” Schrieberg said. “There’s good people who just care about doing good work.”
He continued: “That’s a blessing; not all industries have this. So when you have something like this that comes in, that is a direct threat to that trust and integrity – the key values that hold this industry up – you’ve got a serious, serious problem. And it is an incredibly serious problem because you’re attacking the core values of the Scotch whisky industry itself.”
‘No clear solutions’
So, how do you solve a problem like whisky cask investment? It’s complicated, as Schrieberg touches on during the podcast.
“Right now, there are some interesting ideas, but there’s no clear solutions; no unified response of what needs to be done.
“And right now, frankly, when it comes to talking about cask whisky investment scam thing, it’s just a few people in the industry screaming.
“We’re not yet seeing a clear response from the industry as a whole.”
Episode nine of The Spirits Business Podcast is available to listen to on all major streaming platforms, including Apple Podcasts, Spotify and Amazon.
Alternatively, click the link below to listen to the latest episode with Renais Gin co-founder Alex Watson.
Episodes one to seven featured Brothers’ Bond Bourbon, Equal Measures, Sastrería Martinez, The Pinnacle Guide, Be Inclusive Hospitality, OurWhisky Foundation, Equiano Rum and Renais Gin.
Read Full Story at source (may require registration)
Author: Melita Kiely
