For the six million UK wine drinkers who want to learn more but don't know where to start, Wine List is a way to discover great bottles while learning at the same time.

Good morning

We are ahead of our original forecast now by 3-4 months. Not only does this benefit us from a cash flow perspective, it also means we can enact later plans sooner. The two big levers are: importing wine and hiring faster.

A little bit of fun at the bottom of today's update: a referral competition amongst all Investors & Friends. The winner gets a bottle each of Black Chalk Classic & Wild Rose sparkling wine. Black Chalk is, in my opinion, one of England's very best sparkling wine producers.

All the best

Josh

Top-line stats

• Active subscribers: 520 (up 1.8x from 291)
• New subs: 358 at £24 CPA
• April revenue: £29.4k ****(up 2.4x from £12.3k)
• Box 2 (B2) retention rate: 63%

Highlights

• First wine import 🚢 – we originally forecast we wouldn't be able to import wine until year two of the business, but we're aiming to have an imported wine as part of our July shipment. Importing wine will improve unit margins from ~10% to ~35%.
• Hiring 💼– we will be hiring a full-time role in marketing shortly, as well as exploring a content-focused internship(s) for specific projects. This will enable us to continue to scale while focusing my attention on the product.
• Acquisition mix is healthily balanced 🤝– Facebook 45%, Partnerships 40%, Referral 15%
• Case edition (£99 for six) subscription launched 🍷- 7% joined in month one, initially only available to subscribers over one month old.
• Freelance tasters for Teams 👩‍🏫- trialling two new tutor tasters (one sommelier, and one wine buyer) to take on the Teams tastings to test if we can scale here.