Yes, I understand those costs, but storage for three years or so is negligible, and the margin would already exist in the EP price, which if that was £75 and if it is old en primeur stock, TWS would be selling it for something like £300 profit per bottle. That seems a bit odd to me, for a mutual.
Why not use it for a members’ tasting, or limit to one bottle per member to reduce resale opportunities? Wouldn’t it serve the membership better if it was at a (still profitable) price that gave non-billionaires the option to try it? And I get that that isn’t how the market generally works, but isn’t part of the point of TWS that it doesn’t operate in the same way as other retailers…?