Tenterden’s Chapel Down wines and dines on a 10% increase in sales during 2022
NEWS: Kent's leading wine maker Chapel Down releases its 2022 trading update
NEWS
Tenterden-based wine producer and seller Chapel Down has today released its trading update for 2022
Chapel Down said its Net Sales Revenue, which does not include duty, was up 10% for the year ended 2022 at £15.6 million. Sparkling wine sales revenue growth was 53% year on year as interest in English sparkling wine surged among consumers.
The firm sold a record 790,000 bottles of traditional method sparkling wine in 2022. The wine producer said in its trading update that direct to consumer (DTC) sales accounted for 30% of total revenue with eCommerce channels. This growth has led to Chapel Down’s market share increasing to 31% in 2022. Chapel Down said its average selling price rose by 19%.
Led by CEO Andrew Carter, the Kentish wine producer said it was on track to meet its target of doubling its size by 2026. Last year, Chapel Down unveiled plans to move its major operations to Bridge, just outside Canterbury as it aims to increase production from 1.5 million bottles a year to 9 million over the next 10 years. Chapel Down’s winery in Tenterden welcomes 60 thousand visitors each year offering wine tours and tastings. The company’s produce was the first English wine to be served at Ascot Racecourse.
British wine has benefitted in recent years as warmer summers due to climate change and increasingly rich limestone soils have created fertile ground for grape vines to flourish. In 2021, wine sales rose by 31% across the UK and Kent is a leader in planting vines across varieties including Pinot noir, Chardonnay, Bacchus, and Pinot Meunière. The South East makes up over 60% of the total vineyard hectarage in England and Wales. The British wine industry is now one of the fast growing markets across the world.
Chapel Down’s share price closed the day up 1.5p at 39.5p. It is currently trading on the Aquis Stock Exchange.
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