Hallgarten and Novum Wines is gearing up for a hiring spree after the family that owned the business for more than 50 years sold up to the fine wine trader Coterie.
The Luton-headquartered wine importer, which had been owned by the Pieroth family since 1972, said it would launch a recruitment drive later this year to support its new owner’s “exciting” growth plans.
Hallgarten and Novum was bought by Coterie for an undisclosed sum in January 2024, joining the group’s portfolio which also includes merchants Lay & Wheeler, Coterie Vaults and fine wine valuation specialist Jera.
In a statement published to Companies House, Hallgarten and Novum said: “This [acquisition] has brought with it many exciting opportunities for the future development of the company, both in terms of new significant customers and new exciting suppliers and products.
“The benefits are starting to be felt as the company has had a record start to the year ending March 31, 2025.
“Indeed the key focus of the business in the current financial period is to take maximum advantage of these opportunities and to ensure the continuation of its widely recognised high service levels.
“In anticipating considerable growth due to these opportunities, the company has embarked on a recruitment drive to ensure that it can manage this growth.”
Is Hallgarten and Novum profitable?
Hallgarten and Novum made a pre-tax profit of just over £2m in the 15 months ending 31 March, 2024, a longer period than previously reported due to the company extending its accounting period to match Coterie’s.
In its most recent 12 month period to the end of 2022, the firm reported a pre-tax profit of £2.2m.
Revenue for the 15 months was £74.3m. In the 12 months prior it reported revenue of £60.9m.
These 2022 results were a significant improvement for the group, which in the two years prior had struggled with the impact of Covid-19 and logistical issues due to Brexit.
In the 12 months to the end of 2021, Hallgarten and Novum Wines reported revenue of £47m, up from £35m in the year before, and a pre-tax profit of £1.4m.