An English winemaker’s majority shareholder is delisting the business.

Kent-based Gusbourne is set to quit the London stock market after its share price plunged.

The business has received a letter from Lord Ashcroft’s vehicle Belize Finance Limited to call a meeting to vote on delisting the company from the junior market AIM. 

The former Tory party chairman controls just over two-thirds of Gusbourne, meaning any delisting vote is likely to pass. 

The business announced that a ‘strategic review’ opened in July last year had ended without the company being able to find a buyer.

The shares plunged 44.7 per cent, or 17p, to 21p following the news.

Set up in 2004 by South African surgeon, Ashcroft bought a controlling stake in Gusbourne for £7million in 2013.

With vineyards in Kent and West Sussex, the company is one of the only British makers of red wine alongside sparkling vintages. 

But Gusbourne has struggled recently with sluggish sales and a ‘persistently wet’ growing season last year which hit grape harvests.

Set up in 2004 by South African surgeon, Ashcroft bought a controlling stake in Gusbourne for £7million in 2013.

With vineyards in Kent and West Sussex, the company is one of the only British makers of red wine alongside sparkling vintages. 

But Gusbourne has struggled recently with sluggish sales and a ‘persistently wet’ growing season last year which hit grape harvests.