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LONDON (Alliance News) - Gusbourne PLC, the wine maker controlled by Conservative party peer Lord Ashcroft, was Tuesday bullish about sales in coming years after the 2013 harvest yielded excellent quality and yields that were more than double its original expectations.
The company, which was formed last September when Ashcroft's Shellproof vehicle bought the Gusbourne Estate Business for GBP7 million and raised funds to develop the business, said it is now trying to develop its brand in premium retailers, while planting new vineyards.
It planted an additional 50 acres of vines in May on its estate in Kent.
The company, headed by former orthopaedic surgeon and Chairman Andrew Weeber who started The Gusbourne Estate business 10 years ago, reported an operating loss of GBP636,000 for the nine months to end-December, 2013, compared with a loss of GBP610,000 in the year to March 31, 2013.
The results include those of the Gusbourne Estate business from September 27.
Sales, which are only those of Gusbourne Estates from September 27, were GBP129,000 during the nine-month period, more than 105% more than Gusbourne made by itself during the same period in 2012, even though they were help back by limited stock availability.
Administrative expenses were GBP832,000 for the 9 months, compared with GBP611,000 for the year ended March 31, 2013, reflecting the growth in the business following the acquisition of the Gusbourne Estate business, additional staff and transaction expenses.
Gusbourne shares last traded at 76.5 pence.
Ashcroft owns 64.36% of the shares, while Weeber owns 12.77%, according to data on Morningstar.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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