Kent's top vineyards pop the cork to 8.1% growth in 2023
Analysis of 2023 Harvest Reports show a sector on the up
IN DEPTH
Following an exceptional harvest, the county’s leading vineyards report significant growth. The Post cracks the numbers.
In the last month, Kent’s leading vineyards have published their latest harvest reports for 2023, revealing a bumper crop of grapes and production levels.Many growers were boosted by the Indian summer during September which delivered the perfect conditions for harvesting. The county’s leading vineyards have further benefited by increasing the number of vines planted as they look to capitalise from a growing interest in english wines.
Our analysis shows that Kent’s leading vineyards - including Chapel Down, Gusbourne, Nyetimber, and Balfour - increased the total land under vine by 8.1% during this year’s harvest. Total land under vines for the four leading vineyards has now risen to 970 hectares, up from 897 last year. This is expected go above 1,000 hectares in 2024, accounting for a quarter of the UK’s total planted vines within only four vineyards. The biggest jump was witnessed at Chapel Down which planted 118 acres this spring at Boarley on the Kent Downs. Elsewhere, Nyetimber increased its total number of hectares by 7.5% as it looks to gain from the incredible growth in english wine.
Mike Paul, Interim Chief Executive Officer of Gusbourne in Ashford commented on this years harvest: "2023 will mark Gusbourne's biggest yield to date, but what is crucially important is that the vineyard team have maintained the high quality of the fruit which is the building block for our award winning wine.” London Stock Exchange-listed Gusbourne reported to financial markets that it had delivered its biggest yield to date during this year’s harvest. The winemaker further noted that Chardonnay, Pinot Noir and Pinot Meunier grapes are expected to produce outstanding wines.
Staplehurst’s Balfour Winery reported in November that it delivered a record year for production in its 21 year history. Balfour will produce over 870,000 bottles in 2023 – a 132% increase on 2022 (375,000 bottles). Head Winemaker Fergus Elias described this year's crop as "the best he's ever worked with" and has noted that the chardonnay grape is one to watch out for. The vineyards hard working team processed 820 thousand tonnes of grapes during the harvest.
At Chapel Down, the 2023 harvest is expected to enable the production of around 3.4 million bottles of high quality sparkling and still wines, up 70% year-on-year (2 million bottles). Across its 750 fully productive acres under vine, the Tenterden winemaker has delivered a record 3,811 tonnes of grapes. This tonnage is 86% higher than 2022. The Firm’s CEO Andrew Carter said: “English wine is enjoying rapid growth as it establishes itself as the newest and most exciting global wine region, and Chapel Down continues to lead the way. With the majority (c.80%) of this year’s harvest yielding traditional method sparkling grape varieties, this crop will both underpin future volume growth and support our strategic focus on the higher margin sparkling wines in the Chapel Down range.”
Nyetimber which operates vineyards across the south-east of England, including in Bearsted, noted that it has harvested 350 hectares of vines, up almost 8% on last year. Working with 400 grape pickers, the winemaker produced an average yield of 9.7 tonnes per hectare from its vineyards. Nyetimber’s CEO and Owner Eric Heerema said: “2023 represents a successful harvest for us. We will look to produce over two million bottles and our tastings show that our wines, though still in fermentation, are already showing impressive flavour diversity”.
Our view
These fresh statistics are nothing short of a game-changer for the UK wine scene, and Kent is stealing the spotlight, occupying almost a quarter of the vine-covered hectares across the nation. But it's not just about the numbers; it's a testament to the surging passion for UK wines among UK consumers. According to WineGB, there's a clamor for homegrown, eco-friendly sips, as consumers rally for products that are not just delicious but also locally produced.
Why is this such a big deal? Viticulture is the UK’s fastest growing agricultural sector and is expected to deliver 50% growth by 2025. To fulfil these growth projections and consumer demand, bumper crops like this year’s in Kent are vital to supporting the growth of the industry as a whole. This isn’t just grape production; it is the lifeblood of an industry on the rise. Kent’s winemakers will be raising a glass to Summer 2023 and their own successes, but this period has reaffirmed that the sector is being raised to new heights by a new generation of entrepreneurial grape growers.
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CIRCLE BACK
Sky News has reported that Folkestone-based Saga Group has hired city bankers at Lazard to support the business as it looks to strengthen its balance sheet. Sky reports that Lazard presented a review of the cruise and insurance' company's previous work on debt refinancing and restructuring to the board in recent days.
In September, the firm’s interim results revealed that Saga had net debt of more than £650m. At the same time, the group reported a loss before tax of £77.8 million, an improvement of 70% from H1 2022. Within the key financials published, Saga revealed that the group’s revenue rose 15% year-on-year to £355.3 million. In September, the firm’s group chief financial officer James Quin stepped down after almost five years with the business.
Saga continues to be challenged by operating two businesses with completely different fortunes right now. The travel business has bounced back from Covid impressively and is now delivering underlying profits. At the same time, the insurance business is particularly challenged. Saga group CEO Euan Sutherland said in recent results: “While travel and private medical insurance are achieving strong year-on-year revenue growth, the performance in motor continues to weigh on earnings and this has resulted in an impairment of goodwill.” In the recent results, the firm booked a £68.1 million impairment of Insurance Broking goodwill, highlighting the unit’s recent challenges. Sky reports that Lazard is looking at potentially reviving the sale of Saga’s insurance underwriting division.
Saga’s shares traded at 124.80p at close on Monday, up 1.79%, but remains down by nearly 9% so far this year. The firm trades on the FTSE All Cap market but was previously in the FTSE 250.
BUSINESS NEWS IN BRIEF
🐶 Pennard Vets, a veterinary group based in Kent, has secured a lease for a three-story former office building in Sevenoaks over the summer. Construction has commenced on a state-of-the-art veterinary practice set to open next year. The upcoming facility, spanning 11,500 square feet, asserts itself as "one of the largest and most advanced in the south east" and is a pivotal component of a £3.5 million investment initiative. The practice will feature dedicated wards for dogs, cats, and exotic animals, along with amenities such as a CT scanner, a dental suite, and a bereavement room. Additionally, it will operate as a 24-hour emergency hospital.
🌳 Growing Kent & Medway is introducing two fresh funding opportunities to support sustainable innovation and emerging technologies within the horticultural and plant-based food and beverage industry. Applicants from anywhere in the UK are eligible to apply, but collaboration with an organization in the Kent and Medway region is mandatory.Competitively allocated, the successful projects, sharing a total of £1.2 million must prioritize sustainability.
🎸 Memorabilia chronicling Fleetwood Mac's journey to stardom has been successfully auctioned, fetching a total of £20,050 at Hansons Auctioneers Kent in Tunbridge Wells. Robin Fletcher, the manager at the auction house, revealed that bids poured in from across the globe, ranging from Australia to the United States. The extensive collection, sold by former manager Clifford Adams, included notable items such as a personal letter from the band's founder, Peter Green, detailing the reasons for his departure, and it was acquired for £2,000.
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