Spiritrade launched to fix "antiquated" drinks industry

31Dover co-founder Jimmy Metta has launched an online trading platform that allows wholesalers and retailers to sell excess stock and plug gaps in their ranges.

He felt that the drinks industry is “antiquated” and he set about creating an online trading community that uses “smart technology” to bring it into the modern era.

Spiritrade is just two weeks old and the firm claims to have already signed up 40 wholesalers, retailers and brand owners.

Potential members of this community are vetted to ensure they comply with regulations before they can access to the exchange. All stock is verified before a transaction completes and all funds are held in escrow.

Once verified, members can upload offers and access the latest offers their peers have created. All trades are live and are conducted in a negotiation area, with users able able to purchase stock outright or make a bid on available items. All trades are entirely anonymous and Spiritrade covers spirits, beers, champagnes and non-alcoholic beverages.  

“Spiritrade aims to revolutionise and modernise the drinks industry,” said the firm. “Spiritrade has combined trading and technology, in order to offer members increased revenue streams and greater reach to global markets, all whilst maintaining safe industry standards.”

Metta was the co-founder of online retailer 31Dover and its supply business, Vanquish. Parent company DMD Ventures recently reported that turnover grew 98% to reach £11.9 million in the 2017/18 financial year. It received 242,000 orders, up 42%, from an increased customer base of 130,000 shoppers, and it claims to be the UK’s leading online drinks retailer for shoppers aged 24-35.

Metta is also managing director of Magenta Wine Investors.