Virgin Wines unveils plans to float on AIM
Online wine retailer Virgin Wines has announced plans to float on London’s Alternative Investment Market.
The retailer operates two main subscription schemes, which together accounted for approximately 73% of its core wine revenue in the year to 30 June. Customers can also buy wine on a pay-as-you-go basis.
As of 31 December, Virgin Wines had around 169,000 active customers, of which 147,000 were members across the two subscription schemes.
Virgin Wines also operates B2B and gift sales channels and recently expanded its product range to include premium spirits and craft beers.
Jay Wright, chief executive of Virgin Wines, said: “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.
“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.”
The admission is expected to take place on or around 2 March 2021.
