Ashcroft gets into wine firm

 
Marion Dakers
A BUSINESS backed by Conservative peer Lord Ashcroft yesterday revealed a £7m deal to buy English wine maker Gusbourne Estate.

Investment vehicle Shellproof will change its name to Gusbourne and join the Alternative Investment Market as a new firm as part of the purchase, raising £2.85m in the process.

Shellproof investors, including Ashcroft, will take more shares in the placing.

The company hopes the Gusbourne vineyards in Kent can tap into surging demand for still and sparkling English wines. The firm sells its vintages to upmarket stores, restaurants and specialist retailers.