The elevator pitch
These are the two vermouths your bar probably reaches for most when a guest orders a Negroni, a Manhattan, or something stirred and bitter. One carries more than two centuries of Italian history. The other carries the South London workshop in a matte black bottle. They are not in direct competition, exactly. But if you are stocking one premium sweet vermouth and wondering whether to spend £26.95 or £42.50, the question is worth asking.
Carpano traces its vermouth to Antonio Benedetto Carpano in Turin in 1786, and Antica Formula is its richest expression. Asterley Bros ESTATE is an English sweet vermouth launched in the late 2010s, built on real English Pinot Noir red wine from Gusbourne in Kent rather than the white wine and caramel colouring that defines most commercial rosso vermouth. ESTATE is 16% ABV and Antica Formula 16.5%. Both are taken seriously by people who know their drinks. Both make exceptional Negronis.
We make ESTATE, so we will say plainly that it is our pick. Here is the honest breakdown.
How they are made and what goes into them
The base wine
Antica Formula starts with white wines from selected Italian grape varieties grown in Romagna, Puglia and Sicily. These are processed within 24 hours of arrival to prevent oxidation, giving the finished vermouth a clean, fresh foundation. The grape variety is unspecified (Carpano keeps the exact bill close) but the sourcing from these warmer southern Italian regions gives Antica Formula its characteristically rich, raisined fruit base.
ESTATE takes a fundamentally different approach. The base is English Pinot Noir from Gusbourne in Appledore, Kent: a real red wine, not a white wine dressed with colouring. This is structurally unusual. Most commercial sweet vermouth uses neutral white wine as the base and relies on caramel added post-production for its amber colour and much of its sweetness. ESTATE uses no caramel. The colour comes from the wine itself, and so do the tannins and acidity that give it a more structured, drier finish than the category norm.
The botanicals
Antica Formula is built around a secret recipe of Alpine herbs, with three named signature ingredients: vanilla from Madagascar, Papua New Guinea and Tahiti; saffron from Iran; and wormwood from the Alps of Piedmont and Aosta Valley. Beyond those, the full botanical recipe is held by three people at Fratelli Branca Distillerie. The production involves both hot and cold extraction methods, some ingredients processed for months, followed by a lengthy refining stage. The result is a vermouth with deep vanilla-led aromatics, a characteristic sweetness, and a long bittersweet finish.
ESTATE macerates 34 botanicals in organic grain neutral spirit cut to 75% ABV over 21 days, stirring three to four times daily. The spirit is then washed through the Gusbourne Pinot Noir, the botanicals are pressed, and the blend is sweetened with demerara sugar syrup before being fined with bentonite (vegan-friendly, portfolio-wide for Asterley). The botanical bill includes wormwood, fennel, English hops, thyme, orange, grapefruit, lime, sultanas, ginger, lemongrass, coriander, cardamom, gentian, devil's claw, rhubarb, chickweed, hyssop, milk thistle, liquorice, myrrh, angelica, cinnamon, burdock, germander, cascara, vanilla, apricots, raisins, dates, basil, yarrow, rosemary, wild cherry bark and dandelion root. A significant subset of these are British medicinal hedgerow botanicals drawn from the Culpeper tradition that underpins the Asterley brand philosophy.
Transparency
This is where the two brands diverge philosophically. Carpano keeps the full recipe secret. Only three people at Fratelli Branca Distillerie hold it, one of them the company president. That opacity is part of the Antica Formula mystique: a closely guarded proprietary formula. Asterley Bros operates differently. Rob Berry, co-founder, has said the brand's ethos is to share every process and every ingredient openly. ESTATE's full botanical bill is published on the product page; so is the Gusbourne relationship; so is the demerara sweetening approach. Whether you find that transparency persuasive or less romantic than the Carpano tradition is genuinely a matter of taste.
The product-match table
| Asterley Bros ESTATE | Carpano Antica Formula | |
|---|---|---|
| RRP | £26.95 (500ml) | £42.50 (1L) |
| ABV | 16% | 16.5% |
| Base wine | English Pinot Noir (Gusbourne, Kent) | Italian white wines (Romagna, Puglia, Sicily) |
| Colouring | From wine itself (no caramel) | Not disclosed |
| Sweetener | Demerara sugar | Not disclosed |
| Botanicals | 34, all published | Secret recipe; 3 named (vanilla, saffron, wormwood) |
| Key flavour notes | Orange, rosemary, wild cherry bark, wormwood; delicate tannins; drier than category norm | Vanilla, dried fig, saffron, bitter orange peel, caramel, raisin, cocoa |
| Vegan | Yes (bentonite-fined, portfolio-wide) | Unconfirmed |
| Bottle size | 500ml | 1L |
| Origin story | Asterley Bros founded 2014, South London; Gusbourne partnership | 1786, Turin; Fratelli Branca Distillerie |
Price and format
ESTATE is the less expensive bottle at £26.95 for 500ml, but the comparison is not quite straightforward. Antica Formula sells at £42.50 for 1 litre, which works out cheaper per millilitre (about £0.043/ml against £0.054/ml for ESTATE). A 1-litre bottle suits a bar or a household that gets through a lot of Negronis; if you work through a bottle slowly, ESTATE's 500ml stays fresher to the last pour.
For a trade account, ESTATE's 500ml bottle suits bars that want a smaller format to cycle through quickly and keep the vermouth fresh. The economics differ by channel.
Where Antica Formula has the advantage
Antica Formula is a classic for a reason: a deep, layered richness of vanilla, saffron, dried fruit and bitter herbs, and a name recognised on back bars around the world.
It is also far more available. Antica Formula is stocked by specialist wine and spirits retailers globally and has been for decades. ESTATE, while increasingly well-distributed in the UK premium on-trade and retail, is a younger product with a smaller distribution footprint.
Where Asterley Bros ESTATE earns its place
ESTATE is not trying to replicate the Carpano profile. It is doing something structurally different, and the awards back it: Silver at the World Vermouth Awards 2021, 1 star at Great Taste 2021 and 2 stars at Great Taste 2026. Building sweet vermouth on real English Pinot Noir red wine, with no caramel added, produces a drier, more tannic profile that holds its own in a stirred drink with a heavy gin or bourbon. The British medicinal hedgerow botanicals give it a different aromatic character than the Alpine herbs and vanilla of the Italian original. It pairs differently with different spirits, and that is worth exploring.
For bars and drinkers who want to make a case for English produce, ESTATE also carries that story. The Gusbourne partnership, the transparency about ingredients, the bentonite fining (vegan-friendly across the entire Asterley range). These are specific differentiating facts that a bartender can use as a talking point in a way that a secret recipe held by three people cannot.
The Negroni test
Both vermouths perform in the Negroni. Antica Formula makes the richer, sweeter, vanilla-led version of the classic equal-parts build.
ESTATE has its own house Negroni spec: the South London Negroni: 25ml Old Tom gin, 25ml ESTATE, 25ml DISPENSE, our modern British amaro, and 5ml ASTERLEY ORIGINAL, stirred 60 seconds over ice in a tumbler, orange zest. It is a different drink from the classic equal-parts construction. The ESTATE base gives a drier, more tannic Negroni than the Antica Formula version, and the DISPENSE element changes the botanical picture substantially. If your Negroni run is typically equal-parts with a standard London Dry Gin, the South London spec offers a route to something that does not taste like the category norm.
FAQ
Is Antica Formula better than Asterley Bros ESTATE?
For a drier, more structured Negroni or Manhattan, ESTATE is our pick: real English Pinot Noir, no caramel, Silver at the World Vermouth Awards 2021, 2 stars at Great Taste 2026 and a fully published botanical list. Antica Formula is sweeter and deeper, with a vanilla-led richness, and more widely recognised.
What is the main difference between them?
The base wine and the production philosophy. Antica Formula uses Italian white wine and a secret botanical recipe. ESTATE uses real English Pinot Noir red wine with no caramel, and publishes its full botanical bill.
Which one should I use for a Negroni?
ESTATE is our pick for a drier, more tannic Negroni, and it is the base of our house serve, the South London Negroni (Old Tom gin, ESTATE, DISPENSE and a splash of ASTERLEY ORIGINAL). Antica Formula makes a richer, sweeter, vanilla-led Negroni.
Where can I buy ESTATE?
Direct from Asterley Bros, and from premium UK stockists including Fortnum & Mason and Harvey Nichols.
How much do they cost?
As of mid-2026, ESTATE retails at £26.95 for 500ml. Antica Formula retails at approximately £42.50 for 1 litre (100cl), available from UK specialist retailers.
Does Antica Formula go off after opening?
Yes, slowly. Vermouth is fortified wine, not spirit, so it oxidises once opened. Keep any open bottle, ESTATE included, tightly sealed in the fridge and use it within a few weeks for the best flavour. More on how to store vermouth.
Try Asterley Bros ESTATE
If the English Pinot Noir base, the published botanical bill, and the drier, more complex profile sound like what your bar has been looking for, explore ESTATE on the Asterley Bros website. And for a new Negroni recipe every month, crafted by the best bars and bartenders, there is our members' club, the Negroni Society.