Hardy’s owner sells share in Matthew Clark distributor

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 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.
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Penfolds owner sells California winery

Penfolds owner sells California wineryTreasury Wine Estates (TWE) has sold several California assets to rival Gallo, including the Asti winery, the Souverain brand and stocks, and vineyards in Sonoma County. Asti winery sold by Treasury Wine Estates to Gallo, July 2015The deal also sees TWE entering into a long-term leaseback covenant on part of the vineyard, which has traditionally provided the companionship with ‘luxury’ fruit.
The go is part of continuing efforts by TWE, owner of Penfolds, Wolf Blass and Beringer, to cut costs and reduce production capacity in the face of falling profits.
The companionship is also looking to optimise its supply chain and break production of its ‘luxury’ and ‘masstige’ wines from its lower-priced commercial bottlings.
At the end of Development, it announced a raft of changes in Australia and California, including the closure of the Asti facility, as well as selling off the recently closed Ryecroft winery in McLaren Vale, T’Dauntless in Mornington Peninsula and the Bailey’s winery in Glenrowan.
TWE said the sale to Gallo would lead to it recording a loss on disposal of US$7.5m, previous to tax, in its full-year accounts to 30 June 2015. No further financial details were revealed.
The companionship recorded a 60% fall in net profits in the six months to 31 December, with chief executive Michael Clarke saying in Development that TWE was in the midst of a ‘re-set year’.
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