Chapel Down entered into a master facilities agreement with PNC Business Credit for the provision of up to £15 million ($21.1 million) in asset-based lending facilities, comprising a £3 million ($4.2 million) property term loan facility and up to £12 million ($16.9 million) in revolving inventory and receivables finance facilities, under which funding is subject to the satisfaction of customary conditions precedent.

On completion, Chapel Down will use funds from the facilities to refinance existing financial indebtedness with HSBC UK and for ongoing working capital and other financing requirements.

“Up until recently, there were limited options for English wine companies that were growing fast. Cash is needed to plant more vines and make more wine, all of which takes time. It’s a measure of how far the industry has come that Chapel Down can now attract lenders of the caliber of PNC Business Credit to help growing businesses like ours by freeing some of the value and cash tied up in maturing vineyards and stock,” Richard Woodhouse, CFO of Chapel Down, said. “This new facility gives us flexibility and further options for growth.”