Chapel Down Group Plc, a winemaker based in Tenterden, southeast of London, raised 4.35 million pounds ($6.5 million) through an institutional share placing on the ISDX Growth Market to expand its winery and beer business.
The company owns two vineyards, one at its Tenterden headquarters in Kent and the other at nearby Aylesford, with a total 98 acres (40 hectares) planted.
Chapel Down makes predominantly sparkling wine from Chardonnay and Pinot Noir grapes, as well as still wine, and buys additional grapes from growers in Essex, Kent and Sussex. The company has also added beer to its range and said in a statement it intends to use the additional funds to plant more vines and build a brewery.
“We want to be best placed to play a considerable role in the potential consolidation of this industry in about two to three years’ time,” Chapel Down Chief Executive Officer Frazer Thompson said in an investor video posted on its website.
The company also said John Dunsmore, formerly chief executive officer of C&C Group Plc, maker of Magners cider, will join its board.