English winemaker backed by Tory peer Lord Ashcroft cheers £6m cash call to pay off debt
A Kent-based glowing wine maker backed by Lord Ashcroft is elevating up to £6.2million to slash its debt and increase the enterprise.
A former deputy chairman of the Conservative Social gathering, Ashcroft has a 68 per cent stake in Gusbourne, which is listed on the junior AIM market.
Founder Andrew Weeber, a South African-born orthopaedic surgeon, started planting vineyards on the Gusbourne property in Appledore, close to Ashford, in 2004 and it now has 231 acres in Kent and West Sussex.
Brit fizz: Gusbourne, which has turn out to be one of many largest luxurious English glowing wine sellers, will promote greater than 8m new shares at 75p every
He spent practically a decade turning the previous ‘turnip patch’ right into a winery earlier than promoting management to Ashcroft in 2013 for £7million.
Lots of Gusbourne’s vintages have received awards and it has turn out to be one of many largest luxurious English glowing wine sellers.
It would promote greater than 8m new shares at 75p every – down from 95.5p on Friday’s closing worth.
Ashcroft’s wine funding car has agreed to underwrite the share sale by up to £2million if the inventory isn’t taken by different buyers.
English glowing wine has boomed prior to now decade.
Many of the 100 or so wineries are within the south of England – notably the South East – which has soil very related to that of the Champagne-growing area in France.
Gusbourne shares fell 0.5 per cent, or 0.5p, to 95p.
English winemaker Gusbourne cheers £6m cash call to pay off debt Source link English winemaker Gusbourne cheers £6m cash call to pay off debt