CEO Appointment, Directorate Change & Outlook

Chief Executive Officer Appointment

The Board of Chapel Down is delighted to announce the appointment of James Pennefather as Chief Executive Officer and Director of Chapel Down, with James to commence his new role on 1st February 2025. James has worked in the premium drinks industry for over 25 years and was most recently CEO of The Lakes Distillery Company PLC, where he led the business's successful sale to The Nyetimber Group earlier this year. Prior to that, James held a number of senior leadership roles at William Grant & Sons and Diageo across the UK, Middle East, Africa and India.

Martin Glenn, Chairman of Chapel Down Group, commented: "We are delighted to have appointed James, who is an outstanding business leader with deep experience in building premium drinks brands within emerging categories, developing strong customer relationships in the UK and globally and enhancing shareholder value. Chapel Down has made excellent progress as a business and a brand, and James is well placed to continue Chapel Down's development and growth."

James Pennefather said: "I am excited to be joining Chapel Down at such an important time in the Company's growth story. Chapel Down is the leading English winemaker and I look forward to leading the business as it pursues the next stage of transformational growth for customers and shareholders. Andrew leaves a strong legacy and I will be working closely with him and the Chapel Down management team to ensure a seamless transition."

Directorate Changes

Chapel Down additionally announces that the Board has accepted the resignation of Rob Smith as Chief Financial Officer and Director.

Rob has made a significant positive impact on Chapel Down since joining in September 2022, playing a major role in refocusing the Company on being the leading and most celebrated winemaker in the UK. He has been instrumental in many strategic achievements including creating a single, cloud-enabled technology and data platform for the business covering Sales, CRM and ERP and the Company's successful admission to AIM in December 2023. In addition, he has supported Andrew Carter, CEO, in creating a strong business culture and a high-performance finance team with a focus on controls and providing data driven insight to the Company.

Rob will continue as a Director and lead Finance until the publication of the full year results around April 2025. The recruitment for his successor will commence shortly, led by the Chair and new CEO James Pennefather.

Finally, following three years of service as a Non-Executive Director of Chapel Down, Stewart Gilliland has resigned his position on the Board. The Board would like to thank him for his extensive and insightful contribution to the business.

Outlook

The Chapel Down Board has great confidence in the continued growth of the English wine region and Chapel Down's continued leadership within the industry, underpinned by the quality of its traditional method Sparkling English wines. Chapel Down continues to build on its strong brand leadership position, supported by its 1,024 acres of high-quality vineyards, the industry's broadest UK distribution and a growing international opportunity.

The company confirms that the 2024 Harvest has been successfully completed and is in line with previously announced tonnage and with an excellent vintage quality. The Company further confirms that trading in the important final quarter of the year has been strong. The Company's full year position remains in line with management expectations, with the business carrying positive momentum into the new calendar year. A trading statement will be issued in the second half of January in accordance with the Company's normal practice.

A further announcement confirming the appointment of James Pennefather, disclosing information in respect of Schedule 2(g) of the AIM Rules, will be made on completion of customary regulatory due diligence checks.