Saturday, August 10, 2024

"Large English vineyards mark boom year as output and investment soars"

Though the Little Ice Age was pretty rough on the vineyards, the period from the Roman invasion through the Norman invasion seemed favorable enough for the Hull Domesday Project to point to 45 vineyards in the great inventory of 1086

From the Guardian, August 4:

Though tiny compared with rivals, English wine trade is thriving as climate crisis fuels flood of new capital from investors

The largest English vineyards increased their revenues by 15% last year, as wine investors respond to the climate crisis by planting more vines.

While the UK still languishes well down the list of the largest wine-producing nations, below countries such as Uzbekistan and Tunisia, the industry’s output has soared in recent years, rising by 77% last year to 161,960 hectolitres, equivalent to 21.6m bottles.

Analysis of Companies House filings for the seven largest vineyards shows that their turnover, led by Kent-based Chapel Down, rose from £32m to £37m last year, more than three times higher than the £13m recorded in 2018-19.

One of the drivers for growth has been the “improved growing conditions in the UK as a result of climate change,” according to accountancy UHY Hacker Young, which reviewed the companies’ accounts.

But the flip side of rising global temperatures is the risk that grape production in more traditional wine-producing countries is under threat.

“Some of the investment in the UK by foreign wine producers is partly driven by their desire to diversify production away from areas where crop yields are being damaged by climate change,” said UHY Hacker Young partner James Simmonds.

“New investors with deeper pockets are providing new capital for vineyards and are allowing UK winemakers to fund new production,” he added, pointing to vineyard tourism and on-site restaurants proving fertile terroirs for growth....

....MUCH MORE