This is an edited version of the unLTD Business Podcast interview. To listen in full click here.
In the latest episode of the unLTD Business Podcast, host James Marriott dives into the world of wine with someone who has turned his passion into a thriving business.
Andrew Lofthouse – better known as The Northern Wine Guy – left behind a career in investment banking to build a life around wine, cheese and sharing expertise with others.
From running a thriving retail business to advising high-net-worth collectors and hosting networking events, Andrew has made it his mission to demystify wine and make it accessible to all.
We invited him in for a chat about his journey, the unexpected links between finance and fine wine and, of course, what makes a great bottle of vino…
First of all, could you tell us who you are and what you do?
I guess most people know me as ‘The Northern Wine Guy’. I have my own consultancy business and do a number of different things, unsurprisingly, around wine.
Yes, that figures. So, what’s your background? How did you end up becoming ‘The Northern Wine Guy’?
That’s a very good question. I left Sheffield University and had a prior career, sadly, in investment banking. I did that for a couple of decades, but the reality is I was into wine from a very young age. I had a couple of Italian relatives, and I was fascinated by it from eight or nine years old and pretty much then onwards. Whenever I went on holiday as an adult I wanted to know where the nearest vineyard was – or whether I could factor in a visit.
Certainly, my wife got used to that – we sort of followed the vineyard first, and then the holiday second.
It was really just a love affair with wine as well as cheese and wanting to get out of my first career, finding a way in which I could do that. Through extensive exams in wine and cheese, becoming a qualified cheesemonger, as well as doing advanced wine qualifications, I found that route.
That’s a really interesting journey. I suppose people say this to you a lot, but they’re two things you wouldn’t necessarily put together – being involved in a very serious business like finance and another, wine, which I guess people associate more with enjoyment and perhaps being at the opposite end of certain scales. Was there a moment where you decided to switch it around?
Absolutely. I think having come from the north as well – I was born and bred closer to where we are here in Sheffield – the reality of the career I initially chose was very simple. You get a letter of offer after university, and away you go. It’s difficult to say no. We’ve all got debts to repay, et cetera, and you’re sort of forced into that corporate world, which is very favourable and fortunate, but at the same time, it’s very distinctly based in certain areas of the world. For example, you can only really do it in London when in the UK, so you’re drawn there. But I always had an affiliation with where I came from; I was born and bred in a hamlet with green hills around me.
It was a case of wanting to do a career for as long as I chose, before going to do something that I was really invested in and enjoyed.
My whole ethos has been around demystifying wine so that it’s for everybody. Even if you don’t enjoy alcohol, for example, there are no and low wines that are very credible these days. It’s also a case of making sure that people don’t think that there’s a certain wallet share around wine – it should be something that can be shared and enjoyed by everyone.
I think that change evolved over time, over 20 years, and I think it was not necessarily homesickness but more a case of seeing what working in the [investment banking] industry did to people for a prolonged period of time. That didn’t particularly fill me with a lot of joy, and I knew that I went into the corporate world for one reason: to make a career out of it as quickly as I could, and then to invest in something that I would really enjoy for the future.
In what ways are the banking and the wine world similar, and in what ways are they different?
It’s interesting. Within the wine world, there are lots of different things. I had a retail business in Devon initially, where I’d moved. It was a wine and cheese business, built from scratch, but you do lots of different things outside of the retail business. I do a couple of wine podcasts, wine writing and – I guess this is coming back to your question – there is fine wine investing as well. Those thought processes from an investing banking mindset to a fine wine investing mindset are very similar. It’s seen as an asset, an investment. It sits stored in bond. You don’t drink it; it’s there to try and act almost like a second pension. Things like that I’ve brought into my wine career.
I’ve done all the jobs within a vineyard and in the winery as well. So, I’ve got my hands dirty, if you like, and done it from A to Z as best I can. I think that’s also part of the enjoyment as well, that you can be involved in all sorts of different types of roles, so I think there’s variety in working around wine. It doesn’t have to just all be centred around, ‘Oh, you drink lots of wine.’
For me, this is a glimpse into a completely unknown world. I don’t drink but that’s relatively recent. Before that, I was into craft beer. I guess there are some similarities, because there are some very fancy beers, but I’m fascinated by fine wines as I’d imagine some of the sums of money involved are eye-watering. Have you heard any stories about people who’d got back after a particularly enjoyable night and thought, ‘Oh, I’m gonna drink that’, and have swigged away on the wine that was supposed to be their pension?
Yes, unfortunately. I’m not guilty myself because it is stored away from hand’s reach, but the biggest thing about investing in fine wine is that you’ve got to have the mentality of there’s what you’re drinking at home, and that could be aged wine – that’s still fine. But the reality is, there is 0.5-1% of wine that I would call investment wine. These are the top names in world, and they are literally locked away, guarded by security and temperature controlled. You wouldn’t even want to handle them because that could alter the temperature. But then the reality is, you’ll also have customers that say, “I’ll keep an eye on that bottle”, and then you get a phone call that next morning or week saying that they’re one bottle short. That’s an expensive activity.
That’s one hell of a hangover. Could you talk us through how your business works?
It’s very varied! So, I’ll do the parts I enjoy the most. I’ve done a lot of wine exams, as I mentioned, and there are only 413 Masters of Wine in the world, and I’m the level below that. That’s taken me eight to nine years’ worth of study, which then enables me to go to trade tastings and sample the latest releases from various producers. That doesn’t have to be the expensive name; in fact, I think a lot of people in the wine world like to explore and find the smaller producers, the ones that have amazing brand stories.
I always liken wine to food. If you go to a restaurant and you’re looking to understand the story behind what’s on your plate, why aren’t you then asking questions about what’s in your glass? We’re starting to find more jobs around wine when it comes to sustainability, brand marketing and brand awareness. So, I advertise a number of brands that I have under my umbrella to various different people – whether that be the hospitality trade that you see on a Friday or Saturday night in a bar or a fine wine supplier that wants to sell to a specific Michelin-starred restaurant.
There’s also writing articles, which I always find fascinating because it keeps your knowledge base growing. I run the Wine and Cheese Network, which is a once-a-month wine networking event here in Sheffield, and it’s about connections to bring businesses together but under a social headline. There’s also the Manchester Wine Club that I do. I work with high-net-worth people that are fine wine sellers. But I think the thing that gives me the most enjoyment about what I do is when someone comes to and says, “I’d like to understand new grape varietals” or “can you point me in the direction of something interesting? I like this type of wine but want to explore…” That gives me a lot of enjoyment.
I’ve also built The Sheffield Table with two business partners – a private, innovative dining experience in the centre of Sheffield which has a UK-only wine list. That’s good fun.
How do you spot a good wine? Is there a formula to it?
Every single person’s palate is different. A good wine to me could be something completely different to you. I think there’s this stigma around price tags. You need to throw the price tag away. If you enjoy the taste of it, then that is a good wine. There isn’t a necessary equation or chemistry that makes a good wine. There’s this fable that a good wine has a to be a fifty pounds-plus bottle, but hardly anyone can afford that. I certainly don’t spend that on a weekend bottle of wine. It’s more a case of, what are you eating it with? What mood are you in? What is the season? How warm or cold are you? There are a number of different factors. What I will say is there are thousands, hundreds of thousands, of good wines. There are very few these days that I would say are bad. It’s more a case of what do you enjoy? What do you like it with? There are food and wine pairings that complement each other, and that’s certainly worth giving thought to. If you don’t believe that, try a few different grape varietals with one meal – some will taste better than others.
But I think a good wine is something that you enjoy. From my point of view, if it’s a Friday or Saturday night and it puts a smile on my face and complements everything that I’m doing at time, it’s a good wine.
If anyone wants to find out more about what you do, or perhaps sign up to an event, what’s the best way for them to get in touch?
Yep, they can jump on my website. It’s very simple, www.thenorthernwineguy.co.uk, or you can find me on socials – @thenorthernwineguy. I’m everywhere, as I think everybody is these days, but feel free to ask me any questions!
