Virgin Wines float on AIM
March 2021
Norwich headquartered Virgin Wines is a direct-to-consumer online wine retailer, which has around 147,000 paying subscribers and delivered more than 1 million cases in 2020.
Established under Richard Branson’s Virgin banner in 2000, the Company became a subsidiary of Direct Wines following its acquisition in 2005. However, it kept the Virgin name and they continue to work closely with the Virgin Group to this day.
In November 2013, Mobeus Equity Partners and Connection Capital provided a combined debt and equity package to support a £15.9 million management buy-out of Virgin Wines from Direct Wines to make the Company fully independent.
Admission to Trading on AIM
On 2nd March 2021, admission and dealings commenced in the Ordinary Shares on AIM by way of a Placing of 24,346,699 Shares at a price of 197 pence per Share.
Reasons for the admission
The Directors believe that admission will position the Group well for the next stage of its development whilst enhancing the profile and standing of the Group in its target markets. Furthermore, admission will allow the Group to attract, retain and incentivise existing and future employees and provide access to capital should additional financing be required in the future to further expand the business.
Proceeds from the admission will also enable the selling shareholders to realise, in whole or in part, their respective investment in the Company.
The Perivan shareholder communications team were delighted to work closely with Liberum Capital who were appointed Nominated Adviser and Sole Broker to Virgin on the successful publication of the 157-page admission document.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds.
