Chapel Down has made a significant leadership change with the appointment of James Pennefather as the new chief executive. He will officially join the company on 1 February 2025. This announcement coincides with a noteworthy rebound in the wine producer’s share prices after a sharp decline last month.
Pennefather brings over 25 years of invaluable experience in the premium drinks sector. Previously, he served as CEO of The Lakes Distillery Company PLC, where he successfully oversaw the business’s sale to The Nyetimber Group earlier this year.
Prior to his tenure at The Lakes Distillery, Pennefather held several senior leadership positions at William Grant & Sons and Diageo, with responsibilities spanning the UK, Middle East, Africa, and India.
Martin Glenn, chairman of Chapel Down Group, commented on the appointment, saying, “We are delighted to have appointed James, who is an outstanding business leader with deep experience in building premium drinks brands within emerging categories, developing strong customer relationships in the UK and globally, and enhancing shareholder value.”
He further emphasized, “Chapel Down has made excellent progress as a business and a brand, and James is well placed to continue Chapel Down’s development and growth.”
Pennefather succeeds Andrew Carter, who departed the company in September 2024 to join family-owned brewer Timothy Taylor & Co. This transition occurred shortly after Chapel Down published its half-year results, revealing a decline in both sales revenue and profit for the six months ending 30 June.
Pre-tax profits saw a dramatic 98% decline over the first half of 2024, dropping to £40k from £2.4m in 2023. Additionally, this year witnessed the company abandoning plans to sell, concluding that no transactions would deliver superior long-term shareholder value. Furthermore, they navigated a legal battle over a new £32m winery, which they ultimately won.
Carter’s departure isn’t the sole leadership change. Chief Financial Officer Rob Smith and non-executive director Stewart Gilliland have also resigned. Smith, who has served as CFO for two years, will leave the company in April 2025 but will continue as a director and lead finance until the publication of Chapel Down’s full-year results. The search for his successor will commence soon.
Chapel Down has confirmed the completion of its 2024 harvest, estimating a total tonnage of 1,875, a decrease from 3,811t in 2023. Despite this, the company reports that trading in the final quarter of 2024 “has been strong,” and its full-year performance aligns with expectations.
Expressing his enthusiasm, Pennefather stated, “I am excited to be joining Chapel Down at such an important time in the Company’s growth story. Chapel Down is the leading English winemaker, and I look forward to leading the business as it pursues the next stage of transformational growth for customers and shareholders. Andrew leaves a strong legacy, and I will be working closely with him and the Chapel Down management team to ensure a seamless transition.”
