Chapel Down debuts on Aim

(Sharecast News) - English wine maker Chapel Down Group made its debut on London's Alternative Investment Market on Thursday, as it looked to double in size in the next five years. Shares in the Kent-based firm, which owns, leases and sources 1,023 acres of vineyards across the south east, started trading at 5p each.

Chapel Down, the UK's largest winemaker, had previously traded on the Aquis Exchange for two decades.

Andrew Carter, chief executive, said the move reflected the "maturity" of the business.

He continued: "We believe that a move to Aim will attract a wider pool of investors to participate in Chapel Down's growth as the leading producer in the world's newest global wine region, and as we continue to pursue our well-progressed and fully-funded plan to double the size of the business in the five years to 2026."

Chapel Down sold 1.4m bottles of wine in 2022. Last month it said 2023 had been a record harvest, with tonnage 86% higher than 2022 and 75% higher than the previous record, in 2018.

Carter said the bumper harvest was "creating great excitement" within the business and would underpin growth plans.