Shellproof To Become Gusbourne After Buying New Wine Business

LONDON (Alliance News) - Shellproof PLC Tuesday said it would change its name to Gusbourne PLC after buying the Gusbourne Estate Business and related freehold property for GBP7 million and placing shares worth GBP2.85 million to raise new funds to develop the estate.

The wine maker said the funds would allow it to plant a further 100 acres of vineyards in Kent over the next two years.

Andrew Weeber, the owner and founder of the Gusbourne Estate Business, is to be appointed as a non-executive director and chairman of the expanded business and will work closely with the executive team.

Shellproof, which produces, sells and distributes English sparkling wine, reported a net loss of GBP454,000 for the year to end-March, compared with a profit of GBP9,000 a year earlier, but the figures are largely meaningless as the company doesn't yet earn any revenues.

It had net assets of GBP3.8 million, including GBP3.1 million of cash and GBP347,000 of freehold property, plant and equipment.

Its existing land comprises 13.4 acres of freehold land at Halnaker, West Sussex and 65.8 acres of other land in West Sussex which is held on long term farm business tenancies. At the end of May, the company had 9.7 acres of planted vineyards at the Halnaker site, of which 7.7 acres were mature vines and a further 44.3 acres of newly planted vineyards.

The company's shares were up 36.5% at 43 pence early Tuesday, one of the biggest gains on the London market.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

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