(HuffingtonPost) - Lord Ashcroft has broken into the English sparkling wine market after completing a £7m deal to buy Gusborne Estate, a Kent vineyard which was developed to produce the champagne-style wine.

Ashcroft's wine investment vehicle Shellproof will take a near two-thirds stake in the new wine venture, Gusborne, which will float on the Alternative Investment Market in order to raise £2.85m as part of the deal.

Shellproof investors including the Tory peer will take more shares in the process.

The Gusborne venture in Kent aims to capitalise on a rising demand for still and sparking English wines.

Lord Ashcroft was a major Tory donor and former party treasurer who stepped down as deputy chairman in 2010. More recently, Lord Ashcroft has focused on his polls and electoral research.