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Virgin Wines announces stock market flotation

Published:  16 February, 2021

Virgin Wines has announced plans for a stock market flotation.

The home delivery wine retailer plans to list on London's junior Aim market on or about 2 March in a move reportedly set to value the group at about £100m.

The move follows a boom in demand spurred on by the Covid-19 pandemic. The business said it delivered more than 1 million cases of wines to customers last year, with subscriptions now making up nearly three quarters of annual sales – 147,000 of its 169,000 customers are now subscribers.

“We are delighted to announce our intention to list on AIM signifying an exciting new chapter in the Group’s long-term development,” said Jay Wright, CEO of Virgin Wines. 

“We have enjoyed strong, consistent growth recently resulting in the Group delivering more than one million cases of wine to consumers during 2020. Underpinned by the strength of our customer proposition as well as the benefit of many positive consumer trends, we have a clear strategy to continue this growth over the coming years.”

The group saw revenues soar 55% year-on-year to £40.6m in the second half of 2020, with underlying earnings leaping 196% to £4.5m. 

Founded in 2000 by Sir Richard Branson’s Virgin Group, Virgin Wines was sold to Direct Wines five years later.