Matthew Clark and Bibendum owner reports positive growth
Drinks specialist Conviviality Retail, the parent company of Matthew Clark and who earlier this month announced the purchase of Bibendum, has reported an increase in sales of 137% to approximately £864m.
Conviviality acquired Catey sponsor Matthew Clark in October and confirmed the acquisition of wine wholesaler Bibendum, which supplies wine, beer and spirits to approximately 4,000 restaurants, pubs and hotels across the UK, at the beginning of the month in a deal reported to be worth £60m. It bought Matthew Clark for £200m.
The company expects EBITDA to be marginally ahead of market expectations and to end the year with net debt of approximately £87m.
Wholesale sales were in line with last year and like-for-like retail sales generated by its franchise outlets improved to 1.3% for the fiscal year 2015. Its high street brand Wine Rack continued to trade well, with like-for-like sales up 3.2%.
The company reported that Matthew Clark had traded strongly since the acquisition, with sales up 4.9% on the corresponding prior period. The number of outlets supplied has increased 2.9% since the acquisition with the number of customers also 2.9% higher.
The report goes on to say that the directors believe that the recently approved acquisition of Bibendum PLB Group provides further opportunities and benefits to the group and a detailed integration plan is in place. The plan follows the same integration principles successfully deployed on Matthew Clark. The group will announce its final results for the year in July.
Diana Hunter, chief executive of Conviviality, said: "We have successfully completed a transformational year for the company, its employees, customers and franchisees. We look forward to a strong set of results reflecting our transition to being the UK's leading independent alcohol wholesaler, serving consumers through the on-trade and through its franchise retail estate.
"The acquisitions of Matthew Clark, Peppermint and Bibendum PLB Group enable Conviviality to fulfil its aim to satisfy all consumer drinking occasions, enabling it to have unrivalled insight and expertise as the drinks sector's leading wholesaler and distributor."
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