Martin Glenn to step down as Chapel Down chair

There’s been a shake-up in the Chapel Down C-suite, as England’s largest winemaker gears up for future growth, with net sales climbing by 11% in H1 2025.

Martin Glenn will step down as Chapel Down chair and director in September, with ICAP founder Michael Spencer taking his place.

Furthermore, former Britvic CEO Simon Litherland is set to join the board of England’s largest winemaker as an independent non-executive director next month.

Glenn said: “It has been a privilege to serve as Chair during such a transformative period for Chapel Down. The business is in excellent health, with a strong executive team and a clear, profitable growth strategy. I am delighted that the board intends to appoint Michael Spencer as my successor. 

With his exceptional track record in shareholder value creation and deep understanding of our business, Chapel Down will be in very capable hands.”

New appointments

Through his investment vehicle IPGL, Spencer is the Kent-based producer’s largest shareholder, with 27.3% of the company’s issued share capital. He has served as a non-executive director since 2023.

He said he looked forward to continuing to build on Glenn’s momentum, who had made an “invaluable contribution” to the company.

Glenn oversaw the restructuring of Chapel Down from a multi-category drinks business into a premium-branded company focusing on sparkling wine.

This comes as the winemaker reported strong growth for the six-month period ended 30 June 2025. H1 net sales revenue (NSR) grew by 11% to £7.9m (2024 H1: £7.1m), in line with management expectations.

Reported sales

Off-trade NSR rose by 30% to £3.8m, with the strong performance thanks to increased listings of rosé, new shopper marketing initiatives and a boosted Easter promotional programme.

Meanwhile, on-trade NSR saw an uptick of 3% to £1.2m, as Chapel Down’s outlet listing universe expanded by 15%. The international market also saw growth of 17% to £0.5m as the business partnered with Jackson Family Wines in the US, and agreed a new partnership for Norway.

Despite this, direct-to-consumer sales (DTC) dropped by 7% to £2.4m, after a series of shopper conversion initiatives in 2024 were discontinued, such as the sell-through of leftover spirits in H1 2024.

The business’s net debt also grew to £11.3m (2024 FY: £9.2m, 2024 H1: £5.8m), with significant headroom on the £20m Revolving Credit Facility (RCF) remaining. 

Turbulent two years

This reflects hiked costs following new plantings at Boxley Abbey and Buckwell, and increased inventory following the bottling of the 2024 harvest wines. 

The Buckwell vineyard, consisting of 92 acres of Chardonnay and 27 acres of Pinot Noir, is expected to enter full production in 2027. Chapel Down’s total acreage is 1,018, the equivalent of 9% of the UK’s planted vineyard acreage.

During 2025, the Chapel Down C-Suite has seen serious changes. James Pennefather was appointed as CEO in February, and CFO Louan Mouton joined in April.

Last year, the producer announced it was no longer in an “offer period” as defined in the takeover code, and would remain a standalone AIM-listed company.

Upwards curve

This followed a plummet in pre-tax profits, from £2.4m to just £40,000 in the six months to the end of June, that saw CEO Andrew Carter step down.

But now, Chapel Down CEO James Pennefather said the vineyard entered into 2025 with “strong momentum” which he was “delighted” had continued to build pace.

He said: “Chapel Down entered 2025 with strong momentum, and I am delighted that this has continued through the first half of the year to deliver 11% net sales growth to the end of June.

“With more than 1,000 acres of vines now planted, and as the leading brand in English wine, we continue to invest for future growth, and can see significant future potential both within the UK and in key export markets.”

Champagne visions

He added: “Chapel Down’s brand awareness is now at an all-time high and the brand is well positioned to benefit from the positive consumer engagement we are seeing within the category.”

Pennefather thanked the Chapel Down team for the progress, which he said supported the overall ambition to win an equivalent 1% share of the global Champagne market by 2035.

Litherland, who previously worked at Diageo, added: “Chapel Down has a strong market position in an emerging sparkling wine category and has an exciting future ahead. I am delighted to be joining the board and very much look forward to working with the team to help create the next phase of growth.”

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