Virgin Wines unveils plans for stock market flotation as demand booms during pandemic
Home delivery wine retailer Virgin Wines has unveiled plans for a stock market flotation next month after enjoying booming demand amid the pandemic.
The group said it is planning to list on London’s junior Aim market on or around March 2 in a move reportedly set to value the group at about £100 million.
Virgin Wines said it delivered more than one million cases of wines to customers last year amid a jump in demand from locked down Britons and with pubs and restaurants forced to close for much of the year.
The group said subscriptions now make up nearly three quarters – 73% – of its annual sales, with around 147,000 of its 169,000 customers now subscribers.
Jay Wright, chief executive of Virgin Wines, said: “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.”