Hardy’s owner sells share in Matthew Clark distributor

news  %tages Hardy’s owner sells share in Matthew Clark distributorAccolade Wines has sold its 50% stake in UK wine, beer and spirits distributor Matthew Clark, prompting the share fee of buyer Conviviality Retail to soar on the London stock exchange. Matthew Clark Shares in Conviviality Retail, the owner of the Bargain Booze and Wine Rack chains, rose by aroun 25% following the announcement this week.
Conviviality will buy all of Matthew Clark after the distributor’s only additional shareholder, pub chain Punch Taverns, said it would also sell its stake to the retailer. The deal is value at around £200m.
Matthew Clark specialises in distributing wine and additional drinks to restaurants and bars around the UK.
Accolade Wines is itself owned by Australian finance companionship Champ Private Equity, based in Sydney.
Champ made Accolade after buying 80% of Mondavi owner Constellation Brands‘ business in the UK and Australia in January 2011. The deal built-in strong’s in Australia, as well as a 50% stake in Matthew Clark in the UK.
As part http://1000-facts-about-wine.com of the deal with Conviviality, Accolade said it had secured a 10 year contract with Matthew Clark to ensure that its wines continued to be distributed in bars, pubs and restaurants.
There have been additional high profile deals in the UK wine trade recently. In August, wine merchant Enotria said it had bought rival Coe Vintners for an undisclosed fee.
That followed an announcement last year that Bibendum had agreed to buy PLB, making one of the largest wine suppliers to supermarkets and bars in the country.
The post strong’s owner sells share in Matthew Clark distributor appeared first on Decanter.

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