Conviviality Brands buys Matthew Clark for £200m

08 September 2015 by
Conviviality Brands buys Matthew Clark for £200m

Conviviality Brands has bought drinks supplier Matthew Clark after pub firm Punch Taverns and Hertford Cellars agreed to sell their respective shareholdings.

Both Punch and Hertford Cellars, a subsidiary of Accolade wines, have sold their shareholdings for around £100m apiece.

Completion is expected to take place on or around 2 October this year.

Diana Hunter, chief executive of Conviviality, said: "We are pleased to have reached agreement on the acquisition of Matthew Clark as this will accelerate our strategy of expanding our wholesaling expertise into new markets and channels.

"Matthew Clark has a leading position in the independent on-trade market, complementing Conviviality's position in the off-trade, and the team bring significant on-trade wholesaling expertise and an unrivalled portfolio of high quality and loyal customers.

"By operating a delivered wholesale model we can serve a diverse range of customers and build our wine and spirit volumes further while simultaneously strengthening our retail channel. The acquisition will create a major player in the UK drinks wholesale market, and we believe that combining the two businesses will give rise to significant potential synergies, which will drive increased returns for Conviviality's shareholders."

Duncan Garrod, chief executive of Punch Taverns, added: "We are pleased to have agreed the disposal of our investment in Matthew Clark and at a significant premium to our current book value. The sale of a non-core business will enhance our financial flexibility to pursue our strategic objectives for our core activities. At the same time, we will enter into a 10 year drinks supply agreement with Matthew Clark for the supply of wines and spirits into the Punch estate."

Matthew Clark: Punch Taverns share sale rumoured >>

Matthew Clark sees double-digit growth in premium wines >>Looking for a job? See all the current pub and bar vacancies available with The Caterer Jobs >>

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