Gusbourne’s CEO steps down

Gusbourne’s CEO Ben Walgate has stepped down as the director and CEO of the English sparkling wine producer, it was announced today.

A statement following the company’s AGM said that after nearly four years with the company Walgate had decided to leave to pursue other interests. Gusbourne’s founder and chairman Andrew Weeber will take on the executive role “for the time being”.

Walgate joined the business in October 2012, after studying viticulture and oenology at Plumpton College and founding and building up his own wholesale and retail business, Festival Wines, which specialised in organic and raw wines. After its disposal, he spent nearly two years as a winemaking and viticulture consultant.

At Gusbourne, he oversaw the replanting and rejuvenation of its forty year old vineyards, refurbishing the winery and helping to boost both quantity and quality of production.

In May the company reported sales up 9% to £473,000 in the 12 months to 31 December (compared to sales up 56% the previous year) following what it described as a successful year of development, when the total acreage under vine grew by 75 acres to 231 acres across Kent and West Sussex. However operating losses for the year amounted to £1.123m – an increase from last year’s £966,000 loss – as a result of increased investment on sales, marketing and brand development, which Weeber said at the time was “in line with long term plans.”

Total assets grew from £12,026,000 to £13,481,000 during 2015, it reported, as it boosted capex on vineyards, equipment and freehold land and buildings investment.   

Last May it issued shares to raise more than £3.5m to increase capacity and boost working capital as much of its capital was tied up in long term sparkling wine stocks.

In November it announced it was developing a top-end prestige cuvée that will be aged on its lees for at least six years.