Looking Back, Forging Ahead Q&A: Matt Tipping, Jeroboams

By Harpers Editorial

Published: 08 January, 2024

Following another turbulent year for the drinks trade, Matt Tipping, CEO of Jeroboams, reflects on the highs and lows of 2023, plus the hopes and plans for the business in the year ahead.

How has business been for you across 2023 when compared with 2019 (pre-pandemic)?

Our business has evolved significantly over the last four years. The team is bigger, we have new customers and new agencies. So things feel very different to 2019. One of the more difficult changes for the industry over the last four years has been recruiting and retaining staff. We are working with The Drinks Trust as a founder member of their new Business Advisory Platform, have invested in the training we offer and have introduced everything from monthly team meals to volunteer days to attract and retain team members. Historically we are known best for our shops, but our Trade team is now generating over a third of our profit and, with new agencies such as Achaval Ferrer and Kaesler joining our long-standing agencies, that is only set to grow further.

What, for you, were the specific highs of 2023?

Opening our new shop on the King’s Road is a particular highlight. Our award from The Drinks Trust recognising the work our Wellbeing Champions have been doing was also particularly special. Our Moss Wood dinner at Lord’s and our portfolio tasting at Battersea Power Station also spring to mind.

And the lows?

The wine industry has lost a number of talented people far too young in 2023 and reading this question my thoughts immediately turn to those sadder times. I very much hope to be able to provide a different answer this time next year.

More specifically, how has the cost-of-living crisis impacted and what have you done to help mitigate the effects for you and your customers?

As the year progressed consumers had definitely become more careful with the money they were spending. I think you could now say it’s a tough trading environment. We’ve put extensive work into our range to make sure we have a strong offering at key price points, we are also working closely with suppliers to ensure we have a good range of offers every month. We see that many customers want to be distracted from the pressures they are experiencing and this year we’ve seen higher demand for events than ever before. Through both large-scale events such as our much talked about tasting at Battersea Power Station to smaller events for up to 20 people in our new cellar under our King’s Road shop.

How much of a concern are the duty hikes, will you have to alter the way you do business moving forward?

They have meant that we have had to put our prices up again, having already done so at the beginning of the year. They are also more complicated to administer and we have had to spend money on system alterations to allow us to work within the new rules. They are another drag on our business which we don’t need in the current trading environment.

As a business, what goals have you set for 2024 and how do you expect to achieve them?

The main focus is to keep on our toes. It’s clear that we are going to need to adapt to market conditions and the impact they are having on both our private customers and our trade customers.

More generally, in terms of business, how do you predict the drinks landscape will look this time next year?

We’ve seen a number of mergers and acquisitions in 2023 and I expect that to continue in 2024. With financial pressures likely to continue in 2024, customers, both trade and private, will be choosing carefully how to spend their money. I expect the winners next year to be those that deliver consistently high levels of service and who add value through the buying experience.

Quick fire questions:

Champagne or English sparkling?

Champagne

Cocktail or straight spirit?

Cocktail

Rioja or Mendoza?

Mendoza

Orange wine – yay or nay?

Nay

Michelin-starred or relaxed bistro?

Bistro

Desert island tipple?