UK: Virgin Wine prepares float with £10m investment

By Chris Brook-Carter | 2 October 2000

Virgin Wine, the UK home delivery internet wine business, has announced a £10m investment scheme that will fund preparations for a possible flotation in 2002. Furthermore, it is believed that Anderson Consulting, the global management consultant, is taking a 10% stake in the company.The initiatives come only four months after the launch of the company in June. Since then Virgin Wine needed to prove it was attracting the right kind of customer as well as delivering wines on time.Although the average wine drinker spends £3.30 on a bottle of wine, Virgin claims that its customers are already spending double that amount. The company hopes to break even by 2002 and plans to have sold 50,000 cases of wine by the ned of this year.The UK's Financial Times also reported that Virgin Wine is thought to be considering a bid for Oddbins, the off-licence chain, however Virgin would not comment on the rumour.

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Virgin Wine, the UK home delivery internet wine business, has announced a £10m investment scheme that will fund preparations for a possible flotation in 2002. Furthermore, it is believed that Anderson Consulting, the global management consultant, is taking a 10% stake in the company.The initiatives come only four months after the launch of the company in June. Since then Virgin Wine needed to prove it was attracting the right kind of customer as well as delivering wines on time.Although the average wine drinker spends £3.30 on a bottle of wine, Virgin claims that its customers are already spending double that amount. The company hopes to break even by 2002 and plans to have sold 50,000 cases of wine by the ned of this year.The UK's Financial Times also reported that Virgin Wine is thought to be considering a bid for Oddbins, the off-licence chain, however Virgin would not comment on the rumour.

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