Chapel Down’s share price has plummeted following news it has abandoned its sale and lowered its sales outlook after being hit with harvest woes.

The UK’s largest winemaker shares fell almost 20%, taking its value down more than 40% since the start of this year, after its board announced it was taking itself off the market as “there were no transactions that would create superior long-term shareholder value”.

Chapel Down revealed in June it was mulling the sale of the company as part of a strategic review into funding options for its growth plans, which includes new vineyards and a purpose built winery.

The wine manufacturer added that it has re-adjusted its full-year forecast as its expect net sales and profits to fall year on year.

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Chapel Down also faced challenges from the UK’s second-worse harvest on record, with its wet and pest blighted season forcing the winemaker to foot a non-cash charge of between £750,000 and £850,000.

Last month, CEO Andrew Carter resigned as the winery revealed its half-year profit had plunged 22%, falling to £3.41m from £4.78m last year, while its sales were also down by 11%.

Speaking at the time, Carter said he remained confident that the business had seen “operational progress with robust trading”, but admitted that its half-year results have been offset by “challenges in the off-trade”.