Virgin Wines UK confirms plans to list on AIM

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Virgin Wines UK PLC, which sells plonk directly to customers, has confirmed it is to float on AIM.

The flotation is expected to take place on or around March 2 and according to a report on Sky News last month comes after the company’s private equity owners had considered and rejected a private sale.

City sources have suggested the company will have a capitalisation of around £100mln when it floats.

Virgin Wines is another company that licenses the Virgin brand from Richard Branson’s Virgin Group.

The online retailer told the market it has a record of growing revenue, earnings before interest, tax, depreciation and amortisation (EBITDA) and operating profit.

In the year to the end of June 2019 (the most recent set of full-year accounts available), the company reported a pre-tax profit of £1.7mln.

“Virgin Wines is a distinctive, fast-growing direct-to-consumer retail business with a unique wine sourcing model and a loyal customer base. We are delighted to announce our intention to list on AIM signifying an exciting new chapter in the group’s long-term development,” said Jay Wright, the chief executive officer of Virgin Wines.

“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,” he added.

Several companies have recently made plans to float in London, including Beckhams-backed cannabis firm Cellular Goods, while card retailer Moonpig (LON:MOON) and bootmaker Dr Martens (LON:DOCS) listed this month.

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