Kent wine maker Chapel Down has raised £18.5m in a victory for the growing success of English sparkling wine.
It will use the money to buy 500 acres of vineyard land, invest in its foray into the gin and vodka markets, and grow its beer brand.
It could even buy rivals if opportunities arise.
The money was secured from the issue of over 37m shares at 50p.
Investors included an unnamed institutional investor and private equity giant IPGL. Nigel Wray, the biggest investor among the directors, bought £1million worth of shares.
Chapel Down chief executive Frazer Thompson said: ‘This is a real game-changer – a significant investment around twice the value of last year’s sales.
‘Ten years ago nobody in their right mind would have thought about English sparkling wine. Now everyone wants a piece of it.’
Courtesy: Daily Mail Online