Nex chief Michael Spencer splashes his cash on gin brand

City grandee Michael Spencer indulged his taste for a tipple on Thursday, ploughing his riches into a growing London gin brand.

The billionaire chairman of Nex, with his BI Wines and Spirits venture, today took a 25% stake in Westmorland Spirits, the owner of luxury brand Gilpin’s for an undisclosed price.

The company, which is based in the City, said it will use the billionaire’s funds, invested through his private investment group, to help drive sales and distribution of its Westmorland Extra Dry gin, and develop new products.

Westmorland was set up in 2010 by gin enthusiast Matthew Gilpin and is served in top-end London establishments including the Ivy, Hix Soho, Sexy Fish and Duke’s Hotel Bar.

Spencer, who runs his trading firm Nex, spun out of his Icap empire, is chairman of, and an investor in, wine merchant Bordeaux Index.

The Tory donor has confessed to an “irrational passion” for wine. Spencer said: “I am really impressed by the business Matthew has built, the quality of the product and his entrepreneurial approach.”