Boutinot to raise £6m for new wineries
- Tuesday 21 August 2001
The group will float its shares on the AIM (Alternative Investment Market), the London Stock Exchange's market for smaller companies, in November.
The funds raised will be used to construct two wineries, one in the Southern Rhône and one in South Africa. Managing director Dennis Whiteley considers the plans to be a 'natural development' for Boutinot, as both areas are already central to the company's production.
Any remaining funds will go towards increasing the company's sales, both in the UK and overseas. Boutinot currently supplies the UK with 15.5 million litres of wine a year, which accounts for 2% of market share.
The brands sold in the UK by the company include French Revolution (pictured) and the highly successful Old Git, which sold over one million bottles on Father's Day last year. Whiteley said, 'We are hoping to bring some new brands to the market, with a focus on mainstream buyers under the £5 bracket.'
The group's founder, Paul Boutinot, added, 'Our success is reflected in the significant rise in both turnover and profit, and we have now reached a stage in our development where we require additional funding to increase the rate of expansion.'