FAQ

Listed below in the following sections are our most frequently asked questions. Should you have a question that is not answered below we would be happy to respond to any query that you may have. Please submit your questions to the following email address info@cavex.co.uk and we will respond to you promptly.

Logistics

Do you store wine on clients behalf?

No we are an independent Trading and Portfolio Management Platform. We feel that wines are best stored securely and independently by the client so they remain in their control at all times. We will happily recommend an independent storage company if required. You can find a link on the registration page or on our services page.

What is meant by the term ‘Storing Wines In Bond”?

Wines stored in bond do not have UK duty or VAT applied to them. Wines can be stored in approved HM custom and excise warehouses for long periods of time, moved within or transferred to another bonded facility without duty and VAT being applicable. When wines are removed from bonded storage into the EU public domain, duty and VAT become payable at the prevailing rate.

Do you ship wine overseas?

We do not provide a shipping service for members, but can recommend a specialist shipping provider when required. You can also find a link to our recommended shipping partner on our services page.

How do I export wines overseas via Cavex?

Wines purchased by non UK residents for shipment overseas can be released for collection by their nominated shipper direct from the sellers account. The buyer just needs to select the release for collection option informing Cavex of the requirement for export.

Can I take a delivery of wine to my home or office address?

We are principally an In Bond transaction site only. Firstly the wine would have to be sent from the sellers account to one of Cavex’s own bonded storage accounts. Landing costs would be passed on to the buyer along with duty, vat and onward delivery costs associated. If you wish to buy wines for home delivery off the platform we suggest you call us before matching a trade.

How long does it take to receive wines that I have purchased?

Wines delivered In Bond can take up to an average of 14 days to be delivered between accounts, but can take longer during busier periods of the year. It is the responsibility of the seller to have their wines delivered promptly in order that they can receive their payment faster.

As a guide the standard delivery times between the major UK warehouses are as follows;

Octavian to LCB London Sites – 7 days
Octavian to Vinotheque – 7 to 14 days
LCB London Sites to Vinotheque – 3 to 7 days
LCB London Sites to Octavian – 3 to 7 days
Vinotheque to Octavian – 7 days
Vinotheque to LCB London Sites – 3 to 7 days
EHD to LCB London Sites – 7 days – Orders leave on Mondays and Thursdays
EHD to Octavian – 7 days – Orders leave on Mondays
EHD to Vinotheque – 7 to 21 days – This is dependent on volumes of orders

What is a rotation number?

This is a unique identifier that relates to a singular or multiple unit of stock at a warehouse. Upon arrival each case of wine is given a rotation number so it can be easily identified at any given period of time. Owners of wine should be made aware of the rotation numbers of their stock by their storage provider. Entering them into the Cavex portfolio management system can help identify multiple cases purchased at differing prices for historical records.

Who will deliver the wines I have sold to the buyer?

Delivering wines are the sole responsibility of the seller unless they are for export. All costs are borne by the seller. Deliveries can be arranged through the sellers bonded storage provider.

Can I change my delivery details once I have matched a trade on the platform?

No. You are placing a trade in a live, minute by minute matching engine and once a trade is matched and payment made, the default delivery details of the buyer are sent to the seller for preparation for dispatch. For increased efficiency and speed we are unable to amend a delivery address.

What is the collection process when releasing for export?

When a trade has been matched to a non UK resident member, the seller will be notified via the system that they must release their goods for collection. The seller should contact their storage provider detailing the collection details for the product/s they have sold, notifying them of the intended shipping agent collecting on the buyer’s behalf.

The storage warehouse upon carrying out the request will detail a collection number as a reference for the shipping agent to use as a movement guarantee for export. This number should be inputted into the Cavex system via the transaction page so the buyer is informed alerting their shipper as soon as possible. The bonded warehouse and shipper liaise directly in regard to the export ensuring a smooth process is completed.

 

Registering and Listing Wines

How long does it take to open an account?

Once registered a member can access the Cavex platform immediately, accessing all areas but will be unable to trade. Our team will contact new members in as little as 4 hours or within a maximum of 24 hours to welcome and provide them with trading access.

My password and security settings. Are they secure?

We take security very seriously and use state of the art SSL server technology. We do suggest members change their password regularly to ensure their own security.

I have forgotten my password?

If you have forgotten your password you can reset it through the website at the sign in page using the original email address you used for registration. Simply follow the instructions on screen and detailed within the subsequent email sent to you.

Which wines are eligible for sale through the Cavex platform?

Only In Bond wines are eligible for sale via the Cavex platform. We currently have 50,000 wines listed on our site. Should we not have a wine you wish to buy or sell you can request it through our “request wine application” and we’ll be happy to list it for you, providing it meets the platform criteria.

What is a condition photo, how do I obtain one and why are they required?

A photographic record of a wine’s condition helps potential buyers make informed decisions on how well a wine has been stored since its release onto the market.  This is particularly true of older vintage and high value wines where buyers can inspect each bottle in regard to its capsule, label, case condition as well as the fill levels.

Photographs can be obtained from the storage provider of your wines upon request. There is normally a charge for this service and they can on average take two to seven days to be completed and returned. Cavex suggest if you do wish to sell older vintage wines or stock which fit the criteria for C contract stock on our platform, you plan in advance and have your wines photographed and ready for uploading.

Why has my condition image been removed or altered?

Cavex will maintain anonymity on the platform  pre delivery so it provides a fair and true exchange. When registering, all members accept our full terms and conditions where we state that at no time should a member selling their wines leave any personal identifiable information visible on condition images. Therefore if Cavex do see a photo that carries identifiable information, we reserve the right to either edit or remove the photo as we deem appropriate.

How do I alter a condition image?

Basic clip art style programs are installed on most PC and Apple computers. By simply using a block colour image tool a member can quite easily cover up any identifying information as required.

My warehouse is not provided on the system what should I do?

If you are unable to find your bonded warehouse provider we ask that you submit the details to us through the admin@cavex.co.uk address so we may update our systems accordingly.

How do I view my live positions on the trading platform?

When items are placed for either bid or offer, members have the ability to see an overview of their total positions using the “My Market” function on the trading page. Located on the left hand side of the trading screen under the Wine Search box, this drop down feature allows an individual to see their live bids, live offers, live bids & offers or their watch list at the click of a button.

 

Buying Wine

Who am I buying from?

You are matching a trade from an individual seller who is listing their wines for sale. You are not at any time, buying wine from Cavex Ltd themselves. Potential sellers could be private individuals, syndicated groups, wine funds or merchants who subscribe to Cavex.

How do I assure the quality of the wine I am purchasing?

The sellers are responsible for listing and selling their wines for the correct type of contract relative to the quality of their stock. Therefore a buyer should know what they are bidding on. By only dealing with wines In Bond the condition and storage of wines for sale is greatly improved. Should a wine arrive in a condition that was not expected then the buyer does have the right to refuse the stock delivered. This can be done by going through the Cavex resolution process.

Am I obliged to pay once I have matched a trade to buy on the platform?

All trades matched through the platform are legally binding and therefore payment has to be made immediately. By accepting the terms and conditions at registration you are in agreement that as a buyer you will submit payment immediately via BACS or Paypal.

When I buy wines through the platform do I have to store them with Cavex?

Cavex do not offer a storage facility to members but can direct members to an independent storage provider which can be found on our services page.

When I buy wines who will deliver them?

The seller receives the account number and bonded storage address of the buyer. They then arrange the delivery through their own bonded storage provider.

How do I amend or remove a bid I have placed?

You can simply edit or remove a bid or offer at any time by editing your position in the “trading” page screen for the relevant wine as long as you have not been matched.

Can I purchase multiple orders in one transaction?

Each trade is matched to an individual seller but you can trade multiple times in one visit.

Am I still obliged to fulfill a sale even if I do not receive an email confirmation?

When a trade is matched the platform will not only email you notification to your default email address, but it will also send you a notification message to your Cavex account. The trade will also be the noted in the “transactions” application. You should always therefore be aware a trade has been processed on your behalf.

Why are there differing prices for the same wine?

There may be several members listing the same wine at differing prices.

Why is the same wine listed multiple times?

This could be due to differing types of contract quality, format size or multiple members offering on stock.

Who sets the buy price for a wine I wish to purchase?

Quite simply you do. Place a bid for a price you are happy with and preferably around the appropriate market price.

How do I know I am paying a fair price?

By creating a market spread between buyers and sellers it should become clear what is a fair price. By placing a price on screen, each party is agreeing to a price they are comfortable with. If you wish to sense check your price then a quick search on the web will provide you with an approximate market value.

Are there any limitations to setting a price to buy a wine?

None whatsoever, but the more realistic the bid the more likely you are to get a matched offer. Cavex do have system parameters set in place enabling us to  monitor any suspect bids or offers that fall well outside the current market value.

 

Selling Wine

Who am I selling my wines to?

You are matching a trade from an individual buyer who is listing their intention to buy at the given price. You are not at any time, selling wine to Cavex Ltd themselves. Potential buyers could be private individuals, syndicated groups, wine funds or merchants who subscribe to Cavex.

Do I have to move my wines to Cavex before I can sell my wine?

No we want you to remain in control and keep your costs to a minimum. Only when you have sold wines do you have to move them to the buyers bonded storage account. This is at your cost.

Can I sell duty paid wines through the Cavex platform?

We do not allow the sale of duty paid wines on the platform. This is to increase the provenance and quality of wine offered for sale. From time to time we do send offers of duty paid wines but these are separate to the bonded platform and are made off screen. If you do have duty paid wines for sale please do contact us as we may be able to help or have a potential buyer.

Can I list individual bottles or part cases on the Cavex platform?

You can sell original single bottle cases such as large formats under contracts A and B. Part cases can be sold under C contract stock as individual bottles, but these must be accompanied with photos.

Can I sell En Primeur wines through Cavex?

Under no circumstances can En Primeur wines be sold through the platform.

Can I sell rare spirits through Cavex?

We are a wine matching site only.

Am I obliged to fulfil a sale once I have been matched on the platform for my wine?

All trades matched through the platform are legally binding and therefore your stock has to be made available to the buyer once they have submitted their funds to Cavex on your behalf. By accepting the terms and conditions at registration you are in agreement that as a seller you will provide any wine offered for sale you have listed.

Can I amend or cancel my list price at any time?

You are in control at all times. As long as a trade has not been matched you can edit, amend or remove your listing 24 hours a day.

How do I amend or remove an offer I have placed?

By simply editing your position in the “trading” screen or “my account” screen at any time as long as your trade has not been matched.

I have sold wines through Cavex. How do I know where to send my delivery?

Once we have received the funds from the Buyer we will inform you of their bonded storage delivery address. All you need to do is instruct your bonded warehouse to deliver the correct wines as required.

Who sets the selling price of my wine?

You set the price yourself at a price you are happy with. You may wish to factor in your selling costs. These include the Cavex 3% commission plus VAT and delivery costs charged by your warehouse.

How do I know what price to set my wine at?

If you have a new listing and are unsure of where to price a wine you can always call Cavex and we’ll be happy to suggest an appropriate price you can set. Alternatively you can search the web for a suitable market price.

Are there any limitations to setting a price to sell my wine?

None whatsoever, but the more realistic the offer the more likely you are to get a matched offer. Cavex do have system parameters set in place enabling us to  monitor any suspect bids or offers that fall well outside the current market value.

I see there is another offer at the same price for my wine. Whose will sell first if matched?

If there is an offer at the same price and minimum buy quantity the platform is designed to match offers in chronological order of placement.

 

Financial

Are my funds secure with Cavex?

Yes all client funds paid in are directed to our segregated Natwest Client Account.

Do you offer investment advice?

We do not offer any investment advice as we are an independent trading exchange.

What are the costs involved with subscribing and trading with Cavex?

Subscription to the Cavex platform is free of charge. Cavex charges 3% commission + VAT to all members that buy and sell wines through the platform. Handling charges will apply to PayPal account holders and members who wish to pay via card. These will be clearly listed where appropriate. Members paying by Bank Transfer from overseas must cover cross border banking charges of £10 per payment.

When I sell my wine how long does it take to receive my money?

Once the buyer has confirmed receipt of goods and that they are happy with the condition as purchased, we will release their funds to your nominated bank account via BACS. This will be carried out within 3-5 working days at most.

How do I receive payments from Cavex?

We will instruct funds direct to your nominated bank account via BACS.

Are there any tax issues I should be aware of?

Wine is considered a wasting asset and therefore not liable to CGT. However if you are deemed to be regularly trading wines for profit we suggest you seek the advice of an independent financial adviser.

What is your processing/handling fee?

All handling charges in excess of the Cavex 3% + VAT rate will be advised at the time of transaction. We are a very low margin business so therefore have to pass on these charges so we can remain competitive in the market place. Paying by BACS will eliminate any charges if you are a UK bank account holder.

Can I pre load my account with money so I am ready to trade?

Unfortunately as each trade is an independent trade we cannot allow pre-loading of accounts.

Do you provide credit terms for members?

We are unable to extend credit terms to any member.

Only PayPal know your details and through our website we connect to their portal. At no time do we have access to any credit or debit card details.

What are the associated charges for credit/debit cards and non UK payments?

Charges and fees applicable to payments made outside of UK Bank Transfers are detailed as below;

Bank Transfers

UK Bank Transfers – Free of charge

Non UK Bank Transfers  - £10 must be added to the invoice total

Credit Card & PayPal handling fees. 

The percentage applicable to payments made via our PayPal portal are broken down by regions. The difference in cost will clearly be displayed before any member chooses to pay via this method.

UK Payments – Charge of 3.6%

Region 1 – Charge of 4.1%

Austria, Belgium, Canada, Channel Islands, Cyprus, Denmark, Estonia, Faroe Islands, France, Germany, Gibraltar, Greece, Greenland, Iceland, Ireland, Italy, Luxembourg, Malta, Monaco, Montenegro, Netherlands, Norway, Portugal, SanMarino, Slovakia, Slovenia, Spain, Sweden

Region 2 – Charge of 4.8%

Andorra, Albania, Bosnia & Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Moldova, Poland, Romania, Russian Federation, Serbia, Switzerland, Turkey, Ukraine

Region 3 – Charge of 5.3%

Argentina, Australia, Azerbaijan, Bahamas, Bahrain, Barbados, Belize, Bermuda, Bolivia, Botswana, Brazil, Brunei, Cambodia, Cameroon, Cayman Islands, Chile, China, Colombia, Costa Rica, Cuba, Egypt, India, Indonesia, Israel, Japan, Kazakhstan, Kuwait, Malaysia, Maldives, Mexico, Morocco, New Zealand, Oman, Pakistan, Peru, Philippines, Qatar, Saudi Arabia, Seychelles, Singapore, South Africa, South Korea, Sri Lanka, Taiwan, Thailand, United Arab Emirates, Uruguay, Venezuela, Vietnam

 

 

What is a BACS payment?

BACS stands for “Bankers Automated Clearing Services” and refers to payments that are sent by direct transfer from and to members bank accounts. These payments tend to take three days to process and it is how Cavex pays into selling members nominated accounts when a successful trade has been completed.

 

General Enquiries

How do I manage the email notifications I receive from Cavex?

You may manage all non-essential email traffic by clicking the unsubscribe link on all marketing emails.  You may also alter your preference settings at any time. The only essential notifications Cavex will send are all those relating to bids, offers and trades matched through the platform.

How do I contact Cavex to speak to someone?

Feel free to call us any time on +44 (0)1491 576 300 between the hours of 9am and 6pm Monday to Friday. Outside of these hours, please do email using the contact us link at the top right of the Cavex website or on info@cavex.co.uk

Can Cavex remove a bid or offer I have at anytime?

In circumstances where Cavex feel a bid or offer has been made falsely, we may suspend a position pending further investigation.

How reliable are the bid and offer prices on the Cavex platform?

All bids and offers are live and made by Cavex members themselves. By accepting our strict terms and conditions when registering, members ensure a fair and honest market place exists.

I cannot find a wine I am looking to bid on or offer for sale. What can I do?

Should a wine not be listed on which you wish to bid on or offer for sale, you may request it through our “Request Wine” section. We will be pleased to review the item for adding to the Cavex master wine list. A notification email will be sent when your request has been accepted or declined.

I have not received an order confirmation email for a sale or purchase I have matched on the platform. What do I need to do now?

If a trade has been matched on your account on the Cavex platform, yet you have not received email confirmation, please kindly check your Cavex account inbox. A confirmation message is always duplicated here. Do also check your transaction history by going to your account page. The trade, along with full details, should be listed. Failing this, please contact Cavex immediately so that we may investigate the matter further.

Browser support messages, what are these?

The Cavex platform has been designed using the most up to date technology available based around HTML5 and Push technology. Whilst we have managed to plan for members who use the most widely available browsers, we recommend that to obtain full and uninterrupted usability from the site, members use Safari on Apple OS platforms and Google Chrome or Firefox when using a PC.

Internet Explorer users will be greeted by a notification banner that requires them to install a Google Chrome frame embedded within windows. This ensures that the technology we have employed works fully and is compatible with the members chosen browser. Some users may experience unclear information without the Chrome frame installation.

Users can follow the links below to download the latest up to date web browsers so they can enjoy the full usability intended for the Cavex platform. These are free to use services. Please read the separate terms and conditions for these browsers as they are external to Cavex.

http://www.google.com/chrome

http://www.mozilla.org

 

Resolution

What if I receive the wrong wine?

If you believe a wine has been received in error, or you deem it to be of differing condition to that expected, please contact Cavex immediately so that we may assist in resolving the matter. We recommend that you submit photographic evidence to aid the speed at which we can discuss the issue with the Seller.

I cannot access my account. What can I do?

If the problem is not password related and using the “Reset Password” function still does not allow you to access your Cavex accout, then please contact us by phone or email at you earliest convenience so we that may help resolve the issue.

How do I change my account details at any time?

To change any personal details relating to your Cavex account, simply go to “Change Account Details” when you are next logged in.

How do I close my Cavex account?

Should you wish to close you account, please email us stating your intentions. We ask that you ensure all outstanding trades are completed and your account details are fully up to date in order to avoid any administration delays in Cavex closing the account.

I have matched a trade in error. What can I do?

If you believe a trade has been matched in error, please call Cavex immediately on +44 (0)1491 576 300 detailing the incident in full, with any screen shots, where possible, to assist the process. The trading exchange has been designed so that buyers and sellers should not trade mistakenly at any point. There are submission action buttons to help identify your next step and we advise members to click carefully when making entries on the platform.

 

 



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The Nose
New Office
14.07.2016

Continuing with Cavex’s exciting expansion plan in 2016, we would like to announce that we have just moved office. We are still located in our hometown of Henley on Thames. However, our new location affords us more scope for future development as we grow our company. 33 Hart Street, 1st Floor Office, Henley-On-Thames, Oxfordshire, RG9 [...]

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New team member
13.06.2016

As part of Cavex’s current expansion plans we are delighted to announce that Will Buckland will be joining the team today, as head of sales. Will brings a wealth of sales experience from his time at Planet of the Grapes and, most recently, Vindemia.

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