Food & Drink

Chapel Down seeks £7 million in funding

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English wine and spirits producer Chapel Down is trying to increase £6.9 million (US$9.7m) by means of crowdfunding and current shareholders.

English winemaker Chapel Down is launching a crowdfunding marketing campaign

The Kent-based winemaker is launching a crowdfunding marketing campaign at the moment (4 June) on Seedrs, with the purpose of bringing in £5.5m (US$7.8m).

In the meantime, a gaggle of Chapel Down shareholders has already pledged to purchase £1.4m (US$2m) in shares.

Chapel Down noticed its quantity gross sales develop by 38% in 2020, and is searching for investments to proceed to construct its operations and e-commerce channels, and additional enhance the standard of its wines.

The corporate has additionally agreed a £15m (US$21.1m) take care of lending supplier PNC Enterprise Credit score, encompassing a £3m property time period mortgage and as much as £12m revolving stock and receivables finance services.

In line with Richard Woodhouse, Chapel Down’s chief monetary officer, the magnitude of the latter association is “a measure of how far the [English wine] business has come”.

Along with nonetheless and glowing wines, Chapel Down makes a variety of grape-based spirits, together with a Bacchus gin, Chardonnay vodka and Pinot Noir gin.

Mark Harvey, Chapel Down’s chief business officer, advised The Spirits Enterprise: “Spirits proceed to be an vital a part of Chapel Down’s enterprise.

“This funding will assist us scale up quicker with funding in constructing state-of-the-art e-commerce capabilities – now the primary gross sales channel for our gins and vodka.

“Likewise, spirits will profit from a step-change in advertising and marketing funding to extend the attention of our model. It is a very thrilling time for the corporate – each on wines and spirits.”

The producer closed its London-based Gin Works microdistillery in February 2020 on account of a scarcity of footfall, however acknowledged that its gin and vodka vary was not affected.

In April, Chapel Down accomplished the sale of its beer and cider arm, Curious Drinks, to personal fairness agency Threat Capital Companions, citing the ramifications of the closure of the on-trade on account of Covid-19.

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