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First, because Chapel Down – for it is they – make good multiple prizewinning wines in a charming backwater of Kent. I am already a regular buyer. Second, it is rather nice, dare I say romantic?, to own a tiny bit – actually a very tiny bit – of one of our oldest vineyards in the midst of the Great British Wine Revival.
OK, there’s a third reason. The perks. If you buy a minimum of 2,000 shares – which cost me less than £400 a couple of weeks ago (excluding dealing costs) – you get a mouth-watering 33% reduction on the ex-vineyard price of their wines plus a 25% reduction on meals at the Swan restaurant attached to the vineyard.
Which is one of the main reasons we made our first visit yesterday. Four of us shared a £20 cab ride from Headcorn station ten miles away. We were not disappointed. Chapel Down, despite being one of the largest vineyards in the country has managed to retain an intimacy which others, such as the admirable Denbies in Dorking, are in danger of losing. Battalions of vines fill neighbouring softly undulating fields, laden with sumptious fruit from this year’s bountiful crop so neat they may have been manicured.
Lunch at the Swan above the shop – filled to capacity on a September Tuesday – was delcious for me though two of my companions couldn’t finish their Dover sole which they thought was too salty and dry (and were given a rebate by the manager). This was washed down with a Chardonnay from their nearby Kit’s Coty estate which was a joy to drink though expensive with quite a steep cash markup on the price of a bottle in the shop below (as if I should care as a shareholder with a 33% discount!)
Chapel Down is one of the best managed vineyards in the country but their shares as the FT and others have pointed out are risky as they are as much a bet on the weather as the company. But buying a small number of shares is a no-brainer – as long as you like their wines. My purchase of the minimum number to qualify for the perks (2,000 shares) cost me £395 plus £46.98 in commissions and charges. This is money that would otherwise be sitting in a current account at near-zero interest. After one visit to the restaurant and the purchase of one bottle of Pinot Noir I have already recouped the dealing charges and if I continue to buy their wines (and count the money I save through my 33% discount as a return on my investment) then Chapel Down shares will have one of the highest dividend yields on the stock market irrespective of what happens to the share price (though it has risen over ten per cent since my purchase a few weeks ago). If you don’t fancy shares the most cost-effective way of buying Chapel Down wines is through the Wine Society (recently voted Decanter wine merchant of the year for the third year running) where they are significantly cheaper than buying from the vineyard.