Property tycoon aims to harvest wine growth

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English Wines Group, which makes sparkling wine from its Chapel Down vineyards in Tenterden, Kent, has raised £1.1 million in convertible loan notes.

Much of the issue is being taken up by Wray, a director of the firm, and its chairman Paul Brett. When the loan notes convert into shares, Wray will control 35% of the company which has a market capitalisation of £7 million, while Brett will hold 22%.

The business, which last year made £105,000 of profits on sales of £2.3 million, needs the money to buy in more grapes to supplement the expected harvest from its own 175-acre vineyard.

It also needs to buy new equipment and improve the approach road and car park.

Director Frazer Thompson is trying to keep the cork in on expectations.

"Chapel Down is as big in its field as the Saudi downhill skiing champion is in his," he said.