Chapel Down announces £18.53m fundraising
Chapel Down, the market leader in English wines, is bracing itself for a busy time following a landmark fundraising of £18.53m, which it plans to use to accelerate the growth of the business.
Chapel Down has announced its initial £18.53m fundraising through the issue of new shares and intends to launch an Open Offer for existing shareholders to raise a further £1.47m.
A longstanding client of Cripps, Chapel Down is a real success story for English winemaking, with the business growing consistently over the last 6 years.
This latest fundraising will help fuel this growth and enable Chapel Down to satisfy the ever-increasing demand for its award-winning products. It plans to secure an additional c.500 acres for a new vineyard, invest in the sales and marketing of the Chapel Down and Curious brands and further strengthen the company’s world class team to support its future growth ambitions and invest in growing its beer and spirits businesses.
Frazer Thompson, CEO of Chapel Down, 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.”
Cripps advised Chapel Down in 2014 on its crowdfunding campaign; the first to be carried out by a quoted company and has continued to work closely with Chapel Down as it has grown. Cripps’ capital markets team, which included Salim Somjee, Helen Garner and Eoin Broderick, advised on all of the legal aspects of this latest fundraising.