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Virgin Wines set to float £100m for next month

The online wine retailer is the latest startup to announce plans to float on the London Stock Exchange

Virgin Wines has announced plans to float on the London Stock Exchange for around £100m.

The online wine retailer is known for its “award-winning and largely exclusive premium wines” through its premium subscription based service for customers.

The company was founded in 2000 as part of the Virgin Group owned by Richard Branson, later being acquired by Direct Wines in 2005 who sold the business to the then current management team, backed by private equity, for £14m.

As of 31 December, the service has around 169,000 active customers and likely received an economic boost during the pandemic.

Jay Wright, chief executive officer 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.”

He added: “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.”

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