Virgin Wines blows cork on £ 100million float Business

Home-based wine retailer Virgin Wines has announced plans to go public next month after benefiting from soaring demand amid the pandemic.

The group plans to list on London’s Aim junior market on or around March 2, in a move that is expected to value the group at around £ 100million.

It comes amid a wave of flotation in 2021, with many companies capitalizing on shifting consumer trends during the coronavirus crisis – such as food delivery giant Deliveroo and online greeting card company Moonpig.

Virgin Wines said it delivered over a million cases of wine to customers last year amid rising demand from locked-in Britons and with pubs and restaurants forced to close for much of the year .

The group said subscriptions now accounted for nearly three-quarters of annual sales, with 147,000 of its 169,000 customers now subscribed.

He wants to tap more into the so-called non-trade wine market, which he says was worth some £ 2.4 billion a year.

Jay Wright, Managing Director of Virgin Wines, said: “We have recently experienced strong and consistent growth, which has enabled the group to deliver over one million cases of wine to consumers in 2020.

“Building on 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.

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This notice was published: 2021-02-16 11:39:23