Knowing what a position is actually worth.

The problem

A cask can be technically sound and poorly documented. A parcel can be competitively priced and difficult to bottle. Assessed as general stock, at a single point in time, maturing whiskey is routinely valued as a commodity rather than as the future asset it is.

What Celtica does

Celtica assesses drinks assets for sale, acquisition, insolvency, internal decision-making, portfolio review and route-to-market planning. Every assessment states the purpose, the date, the basis used, the documents reviewed, the assumptions relied upon and the limitations of the evidence available.

• Asset definition — establishing precisely what exists, who owns it and who has authority to sell it
• Documentary review — warehouse records, ownership chain, regauge reports, contracts and charges
• Current measurement — bulk litres, ABV and litres of pure alcohol, measured rather than assumed
• Market evidence — completed comparable transactions, distinguished clearly from asking prices
• Cost analysis — storage, handling, bottling, duty, freight and selling costs deducted or disclosed
• Route-to-market analysis — the practical buyer pool, not the most ambitious one
• A range, a central conclusion and a sensitivity, rather than false precision

Where it is used

Secured lending and refinancing. Insolvency, receivership and corporate recovery. Acquisition analysis. Financial reporting and insurance. Internal portfolio review and disposal planning.

Who instructs Celtica

Banks and secured lenders, insolvency practitioners and receivers, restructuring advisers, accountants and solicitors, investment offices, and owners holding cask, bulk or bottled positions.

Deliverables

• A written assessment stating purpose, date and basis of preparation
• An asset schedule reconciled across warehouse, ownership and contractual records
• Current measurement evidence, or a statement of where it is absent
• A range, a central conclusion and a sensitivity — not a single unexplained figure
• Market evidence relied upon, distinguishing completed transactions from asking prices
• Costs deducted or disclosed, and a stated realisation route

Scope and limitations

This is a commercial assessment. It is not a formal or regulated valuation, not an audit valuation, and not a secured-lending valuation for regulatory capital purposes. Where a formal valuation is required, Celtica will say so and identify the appropriate professional.