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Wine Bond Issued to Survive Pandemic Crisis

D&T
April 8, 2020

Due to the coronavirus pandemic the Gál Tibor winery in Eger, east of Budapest has lost all its sales channels: restaurants, wine bars, wine stores are all closed down and the restaurant which served guests and direct sales is, of course, no exception.

“However, life must go on,” winemaker Tibor Gál says. “Spring is here, buds and shoots have appeared on the vines. To cultivate our vineyards, to harvest the grapes and to survive the intervening periodm we need financial resources. This is why we have come up with the idea of Wine Bonds.”

For the owners of the winery, it is of utmost importance to remain loyal to their employees in these hard times and to provide a living for those working in their offices, in catering, in the vineyards and in the cellar.

The Tibor Gál Wine Bond is, obviously, not official security but a kind of pre-financing of a future service, a voucher if you like, the winemaker says. However, it functions like securities with due guarantees, interests and it is transferable but redemption and interest payment will be done in wine and treats. It could be a vital contribution to help the winery’s survival. The winery looks back to a history of 27 years and Tibor Gál is hoping to run the estate for at least another 27 years. Income from the sale of the bonds will be spent on keeping the jobs of their employees.

D&T

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