Strategic Review Announcement

The Board of Chapel Down (the "Board") announces today that it will be conducting a strategic review of the options to fund its plan to continue driving strong and profitable growth in the long-term.

Chapel Down's growth strategy includes investing in new vineyards, a new purpose-built winery* to be operational for the 2026 harvest and the development of our brand home at Tenterden. Considering the timeline of these investments, the Board believes that it is now appropriate to review the full range of long-term funding options that support this plan.

As part of the review, the Board will consider all alternatives, including investment from existing shareholders, investment from new shareholders, a sale of the Company, and other relevant transactions.

The Company remains on-track to deliver double digit sales growth in 2024 and retains a strong balance sheet with significant headroom to its existing debt facility of £12m and has reached agreement in principle to extend and increase this facility.

There can be no certainty that a transaction will be pursued by the Company, nor as to the terms of any eventual transaction.

Rothschild & Co is acting as Lead Financial Adviser to the Company in relation to the strategic review.

Singer Capital Markets is Nominated Adviser and Broker to the Company.

* Subject to planning approval, expected Summer 2024.

Takeover Code notes

The Takeover Panel Executive has granted a dispensation from the requirement of Rule 2.4 (b) of the Takeover Code such that Chapel Down is not required to identify any potential offeror which Chapel Down subsequently refers to the existence of in an announcement unless that potential offeror has been specifically identified in any rumour or speculation.

Notice related to financial adviser

Rule 26.1 disclosure

Rule 2.9 information

Additional Information