Booze subscription service Virgin Wines to list on AIM in £100m move
Lockdown winner Virgin Wines, a alcoholy delivery subscription service, is planning to list on the London Stock Exchange’s AIM market this year.
The wine subscription service announced this morning that it intends to float on AIM from 2 March, following booming sales during the coronavirus pandemic.
The move could value it at around £100m, according to reports
Liberum Capital has been appointed as nominated adviser and sole broker in relation to the admission.
The firm, which has 169,000 active customers of which 147,000 are subscribers, said the off-trade market for wine specialists was estimated to be around £2.4bn per year in 2020.
That figure is expected to grow, buoyed by changing consumer trends such as online shopping, food and drink subscription services and demand for premium products.
Virgin Wines said it has a “record” of growing revenue and profit.
Jay Wright, chief executive of Virgin Wines, said: “Virgin Wines is a distinctive, fast-growing direct-to-consumer retail business with a unique wine sourcing model and a loyal customer base.
“We are delighted to announce our intention to list on AIM signifying an exciting new chapter in the Group’s long-term development.
“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.”