Just like a fine wine, French vineyard Domaine Chanzy is hoping its IPO will get better with age. After a deal or two.
The Burgundy-based winemaker promised to crowdfund itself to an AIM listing earlier this year through the Seedrs platform, a move that would have made it the first French winery to list in London and the second company to use crowdfunding ahead of a UK listing.
But that bottle of Grand Cru is yet to be popped. Last week, those hoping for a tasty investment – and a 55% off discount voucher – were left with an empty glass when CEO Philippe Der Megreditchian informed them that the business was unlikely to achieve its £1.9 million target.
Instead, the winemaker – based in the small village of Bouzeron – is becoming this year’s most unlikely dealmaker, with ambitions to acquire another French wine producer before coming back for a flotation.