Chapel Down admitted to AIM
English wine producer Chapel Down has being admitted to the Alternative Investment Market (AIM) as part of its bid to “attract a wider pool of investors”.
The move occurred as the Chapel Down team opened the market on 7 December at the London Stock Exchange Group to mark its admittance, having previously been on the AQSE Growth Market. The entire issued share capital is 159,253,885 ordinary shares at £0.05 each.
It also comes as the company, which was founded more than twenty years ago, is looking to increase in size. In March this year, the producer said it would produce three million bottles a year by 2028, and extend plantings to 1,023 acres (414 ha) by 2024 as part of a “long term enterprise”.
CEO Andrew Carter told the drinks business at the time that he was “delighted” with the results, which saw full year Net Sales Revenue (NSR), which excludes duty, grow by 10% year-on-year to £15.6m. The Kent-based wine company planted an additional 38 acres of vines at our Boarley Farm site in 2022. It plans to plant an additional 118 acres there in spring 2023, taking the company’s total to 906 acres under vine, of which 750 will be fully productive in 2023. All 906 acres will be fully productive by 2027.
The Company sold 1.4 million bottles of wine in 2022, and approximately 60,000 visitors a year for winery tours and tastings at its brand home and retail experience in Tenterden, Kent.
Chapel Down CEO, Andrew Carter, said the move to AIM will “attract a wider pool of investors” in the company’s growth strategy, and that it will “continue to pursue our well progressed and fully funded plan to double the size of the business in the five years to 2026”.
Carter also highlighted the record harvest in 2023, with tonnage 86% higher than 2022 and 75% higher than the previous record posted in 2018″ which was “creating great excitement within our business” and would help with its plans to double in size.
Carter said:“Our admission to AIM is the next positive step in the evolution and growth of the company. It is testament to the maturity of the business and the growth we have delivered and anticipate in the years ahead.
“Chapel Down has greatly benefitted from its AQSE listing over the past 20 years as it has grown from a start-up into being England’s leading and largest winemaker.
“The decision to move the Company’s shares to AIM reflects increasing demand from institutional investors. We believe it will help attract new investors to participate in Chapel Down’s growth as the leading producer in the world’s newest global wine region.”