LONDON (ShareCast) - Shellproof has agreed to buy Gusbourne Estate vineyards for 7m pounds to boost its plans to produce English sparkling wine.

The investment vehicle said it would raise £2.85m from new and existing shareholders to plant an extra 100 acres of vines in Kent over the next two years.

Shellproof will change its name to Gusbourne Plc and Gusbourne owner and founder Andrew Weeber will become non-executive Chairman of the company. Gusbourne won a Gold Award for its 2008 sparkling Brut at the 2013 International Wine and Spirits Challenge.

Weeber said: "Our recent successes demonstrate the huge potential of the Gusbourne brand and I am very excited to be embarking on a new phase of business development and expansion. I believe the prospects for the Gusbourne Estate product range in the context of the growing market for English sparkling and still wines are excellent".

Shellproof was incorporated a year ago with the aim of becoming a leading producer of English sparkling wine. The English wine industry has taken off in recent years with sparkling wines gaining international recognition.

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