Directorate Change

Chapel Down, England's leading and largest winemaker, provides an update on Board changes.

Directorate changes

Chapel Down announces that Martin Glenn, Chair of the Board since 2020, has informed the Board of his intention to step down as Chair and Director, with his resignation to take effect in September 2025 following an orderly handover. Martin oversaw a major restructuring and refocusing of Chapel Down from a multi category drinks company whose portfolio included craft beer, spirits and significant still wine sales into a premium branded company primarily focused on sparkling wine. Additionally, the introduction of more advanced financial systems and internal processes enabled Chapel Down to move onto AIM in December 2023 creating a solid platform for further growth.

The Board intends to appoint Michael Spencer as the new Chair. Michael is the founder of ICAP (subsequently renamed as NEX Group and sold to CME), where he delivered over 5,000% total shareholder return, and has served as Chairman of Bordeaux Index since 2011. Through his investment vehicle IPGL, he is Chapel Down's largest shareholder, holding 27.3% of the Company's issued share capital. He has served as a Non-Executive Director since 2023 and was awarded a peerage in 2020.

Furthermore, Simon Litherland will join the Board as an Independent Non-Executive Director in August*. He was CEO of Britvic plc from 2013 to 2025, leading the company through a period of growth culminating in its recent acquisition by the Carlsberg Group. Simon previously held senior leadership roles at Diageo across Great Britain, South Africa, Ireland, and Central and Eastern Europe.

Martin Glenn, Chairman, commented: "It has been a privilege to serve as Chair during such a transformative period for Chapel Down. The business is in excellent health, with a strong executive team and a clear, profitable growth strategy. I am delighted that the Board intends to appoint Michael Spencer as my successor. With his exceptional track record in shareholder value creation and deep understanding of our business, Chapel Down will be in very capable hands."

Michael Spencer, Chairman-designate, added: "Martin has made an invaluable contribution to Chapel Down, helping guide the business through a period of remarkable progress. I look forward to continuing to build on this momentum. I am also delighted to welcome Simon Litherland to the Board - a strong appointment who brings impressive consumer and leadership experience."

Simon Litherland added: "Chapel Down has a strong market position in an emerging sparkling wine category and has an exciting future ahead. I am delighted to be joining the board and very much look forward to working with the team to help create the next phase of growth."

*Subject to completion of customary regulatory due diligence. A further announcement confirming the appointment of Simon Litherland, disclosing information in respect of Schedule 2(g) of the AIM Rules, will be made prior to his formal appointment.