English sparkling wine producer Hattingley Valley has secured a £7.5m finance facility to support its international expansion plans.
The asset-based lending facility from PNC Business Credit will be used by the family-owned Hampshire winery to support its “continued growth plans” and to further develop its range of wines.
Hattingley plans to “expand significantly” by entering new markets such as Switzerland, Singapore and Malaysia, as well as continuing to grow in the UK and its other 16 export countries – including the US, Japan and Australia.
“We are very excited about the next phase of our growth and, with PNC’s support and financial backing, we now have a flexible working capital finance facility to support the ongoing development of our wines and expansion into new markets,” said finance director Bruce Green.
“This investment shows great confidence in our business and in the English sparkling wine industry as a whole.”
Hattingley – like many other English sparkling wines producers – has seen revenues soar alongside the category’s reputation and importance, both on a domestic and international level.
The company, which refused to disclose exact revenue figures, claimed sales jumped 45% for the year ended September 2019 as customers sipped its award-winning range of Classic Reserve, Rosé and Blanc de Blancs.