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Virgin Wines pops cork on £100m float

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Home delivery wine retailer Virgin Wines has announced plans to list on the stock market next month after enjoying booming demand amid the pandemic.

The group plans to list on London’s junior Aim market on or about March 2 in a move reportedly set to value the group at about £100m.

It comes amid a rush of flotations in 2021, with many firms capitalising on shifting consumer trends during the coronavirus crisis – such as food delivery giant Deliveroo and online greetings card firm Moonpig.

Virgin Wines said it delivered more than 1m cases of wines to customers last year amid a jump in demand from locked down Britons and with pubs and restaurants forced to close for much of the year.

The group said subscriptions now made up nearly three-quarters of annual sales, with 147,000 of its 169,000 customers now subscribers.

It wants to tap further into the so-called off-trade wines market, which it said is worth some £2.4bn a year.

Jay Wright, chief executive of Virgin Wines, 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.”

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