English winemaker Chapel Down has raised £20m through the issuing of new shares to secure new vineyard land and support the growth of its Curious beer brands.
It has secured £18.53m having issued 37,060,000 shares at 50p, and has made an open offer for existing shareholders to secure the remaining £1.47m.
The funding will be used to secure 500 acres of vineyard and to enhance the sales and marketing function supporting the Chapel Down and Curious brands. This will include the recruitment of Gareth Bath from Brewdog and Mark Harvey from LVMH.
It will also be used to underpin the launch of its gin and vodka brands as well as accelerate the growth of its beer business, including the fit-out of the shop, bar and visitor experience at its Ashford brewery in Kent.
Chief executive Frazer Thompson said: "This is a transformational moment for Chapel Down. This fundraising enables us to significantly invest in the business for further growth and to meet the increasing demand for our products.
"We welcome the new investors in our company and hope that many of our existing shareholders will take part in the open offer and continue their journey with Chapel Down. This marks the opening of a new chapter of growth for Chapel Down. With an outstanding team and world-class products, we will look to fully capitalise on our position as the UK's most exciting drinks company."
Chapel Down said it was expecting to hit £11.6m turnover for the current financial year.
Videos from The Caterer archives