Gusbourne has ended negotiations with other parties regarding a potential transaction. Credit: barmalini/Shutterstock.

The majority shareholder of English sparkling wine producer Gusbourne is seeking to delist the company. 

In a letter to Gusbourne via Belize Finance, British-Belizean businessman Lord Ashcroft requested a general meeting of shareholders to propose a resolution for delisting the company. 

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Ashcroft holds a 66.76% stake in Gusbourne, which was founded by Andrew Weeber in 2004. 

Additionally, a company fully owned by Ashcroft holds a £20m ($24.8m) long-term secured deep discount bond. 

In a stock exchange filing, Gusbourne said its board of directors “intends to comply” with Ashcroft’s request.  

The meeting must be held no later than 28 days after the notice convening the meeting. Gusbourne shareholders are advised not to take any action at this time, with further announcements to follow in due course. 

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In July last year, Lord Ashcroft told the Gusbourne board he wanted to explore the strategic options for the company, including a sale or a merger.

At the time, Ashcroft said: “I am flexible as to the outcome. It may be a sale. It may be a strategic merger with a similar company. It may be a capitalisation or restructuring of all or part of my debt.” 

Gusbourne said today (10 February) in agreement with Lord Ashcroft it has “concluded its review of strategic options” for his shareholding after receiving his letter.

It added: “The company has terminated discussions with other parties in relation to a transaction and is no longer in receipt of any approaches.”

In unaudited trading update for the 12 months ending 31 December filed on 30 January, Gusbourne said it expects its revenue to have risen approximately 1% to around £7.1m.

Higher DTC sales were expected to have offset a decline in UK trade sales and international sales, Gusbourne said.

It added it expected to make a full-year adjusted EBITDA loss of approximately £0.7m, unchanged from the previous year.