Michael Spencer, chief executive of broker ICAP has taken a stake in Bordeaux Index and joined the company as chairman.
The former Conservative party treasurer has been appointed non-executive chairman of the London wine merchant and broker and taken a minority stake in the company.
Bordeaux Index managing director Gary Boom confirmed that Michael Spencer, whose company is listed on the FTSE-100, had bought into the company but would not disclose the size of the investment.
‘What’s more important [than Spencer’s investment] is that our business is about knowing people and he knows a lot of people … he is incredibly well connected. Plus he is extremely talented at growing business and we are a growing business,’ Boom said.
A Bordeaux Index statement added that Spencer ‘with his unrivalled knowledge of the financial markets and love of fine wine’ would be making a ‘substantial contribution to the next phase of our growth plans.’
In turn Spencer, who continues as Group CEO of ICAP Plc, described Bordeaux Index as ‘one of the most innovative and fastest growing of the major international fine wine merchants.’
Bordeaux Index was established in 1996. It has 60 employees and offices in London, Hong Kong and Singapore. In 2009 it launched an online wine trading platform called LiveTrade.
Michael Spencer is chairman of holding company IPGL, which includes ICAP Plc and financial, brokerage and banking companies such as City Index, Exotix, and hedge fund administrator AIS.
Written by Sophie Kevany