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News
Gusbourne put up for sale
Lord Ashcroft has opened discussions with the board on his majority stake in Gusbourne, including a potential sale of the Kent-based producer.
The English Sparkling wine producer said that “various strategic options” of his 66.76% shareholding would be assessed by the board and Ashcroft, including a sale, a merger with a “similar company”, and also a potential capitalisation of all of part of his debt.
In its statement, the company added it would work with Ashcroft —the former chair of the Conservative Party — on the process, to ensure it maximises value for shareholders.
But it added that it was not currently in discussion with an potential company at present, and hadn’t been approached with an offer at the time of writing.
The statement follows marketing director Jonathan White being appointed as the CEO of Gusbourne earlier this year “following a rigorous internal and external search process”. In addition to the appointment of White, the company re-organised responsibilities across its main leadership team with global sales director Simon Bradbury becoming chief commercial officer and Katherine Berry taking on the role of group chief financial officer.
This announcement itself came off the back of former CEO Charlie Holland standing down as CEO last summer, when he joined Jackson Family Wines as the Californian-headquartered firm continued to develop its interest in the English wine industry.
The Gusbourne news follows a similar announcement two years ago, when Ashcroft sold his majority stake in recruitment company Impellum, eventually receiving around £300m from the sale.
Strategy
Speaking about the Gusbourne statement, White said the producer had an “exciting strategy” for future global growth, and its strategic vision remained “unchanged”.
He said: “Over the last 20 years, we have meticulously planted our now mature vineyards from which we are producing premium quality vintage wines; carefully curated our brand and established excellent distribution channels across UK trade, Direct to Consumer and over 35 international markets, that give the business multiple revenue drivers.
“Our strategic vision remains unchanged and we have been pleased with the recent momentum across our three strategic pillars. We look forward to entering into constructive discussions which may arise from this process, at what is an exciting phase for the fast growing English fine market. We would like to thank Lord Ashcroft for his support in helping establish Gusbourne into the business it is today.”
Lord Ashcroft mentioned the Impellam deal in his statement, and said that now “at the tender age of 78” he was “reviewing my future options and would now like to conduct a similar exercise with regard to Gusbourne”.
He said: “I am flexible as to the outcome. It may be a sale. It may be a strategic merger with a similar company. It may be a capitalisation or restructuring of all or part of my debt.”
Further announcements will be made as appropriate, the company said.
Chapel Down
The news also comes as further speculation around the future of another Kent-based producer, Chapel Down has continued, with Treasury Wine Estates denying its interest in acquiring the Tenterden firm.