English winemaker Chapel Down has announced the disposal of its Curious Drinks business and assets, including the Curious Beer and Cider brands as well as the Curious Brewery and restaurant in Ashford, Kent.
By Alec Mattinson2021-02-09T09:03:00+00:00
Ocado has cut its annual loss by almost 80% amid booming sales during the pandemic, but the online grocer warned the coronavirus outbreak and drive for international expansion will continue to constrain profitability.
Total group revenues for the 52 weeks ended 29 November jumped by 32.7% to £2.33bn from £1.76bn in the previous year.
This was primarily driven by a 35.3% increase in retail revenue, its joint venture with Marks & Spencer, reflecting increased demand driven by Covid-19 restrictions, with a £31 increase in the average basket value from £106 to £137.
The Group also began to recognise revenue its international solutions business following the commencement of operations at the first two international CFCs in Toronto and Paris, with reported revenue of £16.6m.
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English wine and spirits producer Chapel Down has decided to dispose of its beer and cider arm Curious Drinks in a pre-pack sale to private equity firm Risk Capital Partners.
Sales of beer were decimated by the pandemic
Chapel Down is ditching its beer business Curious Drinks to focus on wine after the brewery’s sales were decimated by the pandemic.
The upmarket winemaker has revealed plans to offload Curious Drinks’ business and assets to Risk Capital Partners, the PE firm founded by well-known entrepreneur Luke Johnson.
Prior to the pandemic, Curious Drinks was selling 90% of its beer to the on-trade, said Chapel Down, which meant it was “significantly impacted” by pub closures over the past year.
Chapel Down had decided “to focus our energy and resources on building the Chapel Down brand and business to ensure we continue to flourish”, said its CEO Frazer Thompson, adding Chapel Down’s wine and spirits volumes had grown 38% in 2020 amid the surge in at-home drinking.