Like the weather, the English sparkling wine market is hotting up, as Kent-based Gusbourne is exploring raising £15m ($20.6m) off the back of a tide of consumer interest.
Alongside plans for growth and brand development, funds will be used to increase operational efficiencies and to support planned ongoing business growth in the medium to longer term, the winemaker said.
Gusbourne said in a trading update that UK sales have rebounded sharply from their previous decline in 2020 and are expected to represent about 45% of net wine revenue for the half year, compared with 27% in 2020.
Direct-to-customer revenue has also more than doubled from the year before, with sales in that segment expected to represent 30% of net wine revenue for the business.
The company, which is shepherded by Conservative peer and billionaire Lord Michael Ashcroft, said this growth has been supported by further strong online sales growth and increased visitor numbers at its cellar door facilities in Kent.
Ashcroft took a majority stake in the business in 2013 for £7m.
Net revenue for the first six months of the year is also expected to be up 59% to £1.4m, from £900,000 in 2020.
The UK market is just part of the story of the wine industry's growth. According to a report by Zion Market Research, the global wine market was valued at approximately $302bn in 2017 and is expected to generate revenues of $423.6bn by the end of 2023, growing at a compound annual growth rate of around 5.8% between 2017 and 2023.
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