Online wine retailer Virgin Wines said on Tuesday that it was planning to float on London’s AIM market in March following increased demand during the Covid-19 pandemic.
Virgin said the flotation will take place on or around 2 March and would value the group at roughly £100.0m.
The company stated it had delivered more than 1.0m cases of wine in 2020 on the back of a jump in demand amid Downing Street-imposed coronavirus lockdowns that kept Britons indoors and shuttered pubs and restaurants for much of the year.
Virgin said that subscriptions now made up 73% of annual sales, with approximately 147,000 of its 169,000 customers now subscribers.
Revenues jumped 55% year-on-year to £40.6m in the second half, with underlying earnings soaring 196% to £4.5m. However, the firm added that it hopes to further tap into the “off-trade wines market”, which it said is worth around £2.4bn per annum.
Chief executive Jay Wright said: “We have enjoyed strong, consistent growth recently resulting in the group delivering more than one million cases of wine to consumers during 2020.
“Underpinned by the strength of our customer proposition as well as the benefit of many positive consumer trends, we have a clear strategy to continue this growth over the coming years”
