Chapel Down completes £18.53m fundraising, to raise £1.47m more: English wine producer Chapel Down has completed a fundraising of £18.53m through the issue of 37,060,000 new shares at 50p each and intends to launch an open offer for existing shareholders to raise up to approximately £1.47m in further proceeds. The new shares represent 26.8 per cent of the enlarged issued share capital. Investors including IPGL, the family office of Michael Spencer, and a global institutional investor have taken part in the fundraising alongside the company’s board and management. Following the fundraising, the directors’ holdings represent 32.4% of the company. The company stated: “The proceeds of the fundraising will be used: to grow the wine business by securing new vineyard land of c.500 acres and managing that land to fruition, as well as building new stock; to invest in the sales and marketing of our Chapel Down and Curious brands and further strengthen the company’s world class team to support its future growth ambitions; to accelerate the growth of our beer business including the fit out of the shop, bar and visitor experience at the Ashford brewery; to build a strong position in the spirits market through the recently launched gin and vodka brands; and to enable the company to be best placed to take advantage of acquisition and consolidation opportunities that may arise. The open offer is expected to launch by 19 December and will be open to those who are shareholders as of close of business on 12 December, and will target a raise of up to £1.47m. Turnover is expected to be at or above £11.6m for the current financial year, in line with management and the board’s expectations.” Frazer Thompson, chief executive 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.”