Gusbourne wine harvest hit by ‘challenging conditions’

The Gusbourne wine estate controlled by Lord Ashcroft may be up for sale for a handsome price but this year’s harvest looks set to face “challenging conditions in the vineyard”.
The group, which mostly produces vintage fizz, was hit by a “persistently wet growing season” that has reduced the size of the harvest, although after building up strong stocks it does not anticipate any supply interruptions.
It said that many vineyards, notably in West Sussex, would be producing “significantly less fruit than last year’s bumper harvest”, having suffered from mildew. The company noted, however, that it would be able to apply a price premium to what will become a rare vintage year.
Jonathan White, 42, chief executive officer, said: “The fruit is looking promising, with some beautiful pinot noir. Acidity is also excellent.”
He added: “Any fruit that does not meet our exacting standards will remain in the vineyard. The result is that the 2024 harvest will be considerably smaller in quantity — but we expect the wines to still reflect our usual exceptional quality.”
In July a “for sale” sign was hoisted over the Kent-based estate by the former deputy chairman of the Conservative Party, intimating that he would like to explore “strategic options” for his shareholding, including a possible sale of his 66.76 per cent stake.
Shares in the Aim-listed wine group showed no movement at 64p on Thursday, valuing the business’s equity at just shy of £40 million.
Chapel Down, the UK’s biggest winemaker, also put itself up for sale during the summer, highlighting the growing interest in English wine. Some analysts said it could suggest a looming supply surfeit, although this year’s weak harvest should relieve the pressure.
Last September Berry Bros & Rudd, the venerable wine and spirits merchant, and Symington Family Estates, producer of some of the world’s most famous port, acquired Hambledon Vineyard in Hampshire after it hit financial problems.
Lord Ashcroft, who bought a stake in Gusbourne in 2013, once described the wine business as “a big hole that you pour your money into”.
Gusbourne’s international sales account for 21.2 per cent of total net revenue. Its biggest export markets are Scandinavia, Japan and the United States, to which it added China and the Caribbean this year, lifting its total number of markets to 35. The winemaker is also targeting India and the Middle East.
In addition to vintage sparkling wines, Gusbourne is one of the few British makers of red wine, producing a pinot noir that retails at £40. Its sparkling wines range from £45 to £195 for its Fifty One Degrees North label.