Chapel Down considers sale
English wine and spirits producer Chapel Down is considering selling the business as part of a strategic review.
The Kent-based producer announced it would be conducting a strategic review to help fund its plan to ‘continue driving strong and profitable growth in the long term’.
Chapel Down is planning to invest in new vineyards, build a new vinery and develop its brand home in Tenterden, Kent.
Due to the timelines of these investments, the Chapel Down board said it was time to look at long-term funding options to support these developments.
As part of the review, the board is considering all options, including investment from existing shareholders, funding from new backers, a sale of the business and other transactions.
Chapel Down said it was ‘on track’ to reach double-digit sales growth in 2024. It also has the option to increase its existing debt facility of £12 million (US$15.1m).
The company stressed that any transaction was not a certainty.
In June 2021, Chapel Down launched a crowdfunding campaign to raise £5.5m (US$7.8m). Meanwhile, a group of Chapel Down shareholders pledged to buy £1.4m (US$2m) in shares.
Later that year, the company hired Andrew Carter, ex-managing director at Chase Distillery, as its CEO.
In February 2020, Chapel Down closed its Gin Works microdistillery in London after a year due to a lack of customers visiting the site.
The UK’s largest winemaker produces several spirits including Pinot Noir Gin and Chardonnay Vodka.
The company also partnered with English brand Aker to launch English Rosé Aperitif in 2022.
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