FRANCE: Burgundy producer Domaine Chanzy to float on LSE
Burgundy wine producer Domaine Chanzy has confirmed it is planning to float between 20% and 30% of its capital on the London Stock Exchange by the end of year.
The planned move is part of a bid to raise between GBP2m and GBP5m to fund expansion. A Chanzy spokesperson told just-drinks today that there had been "some encouraging feedback" from potential investors in the UK, following media reports of the possible floatation.
The estate is owned by Olma, a Franco-British consortium of seven investors. It acquired Chanzy in 2012 when the winemaker was in judicial administration.
The expansion is focussed on acquring new vineyards, bosting export activity, grape-purchasing and developing its top-of-the range wines offering. Currently only 10% of Chanzy's sales are exports compared to the average of around 50% for Burgundy estates.
"The estate has been transformed since 2012," the spokesperson added. "In 2014, turnover is expected to increase to EUR2m from EUR1.2m and the short-term objective is increase annual sales to EUR4m."
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