The owner of Magners cider, C&C, has completed a deal to acquire Conviviality’s wholesale distributors.
The beverage supplier and retailer has sold its Bibendum and Matthew Clark brands, with the support of brewer AB InBev.
C&C was in early morning talks with Conviviality on 4 April, and by the end of the day the drinks manufacturer released a statement which read: “Further to the announcement this morning that C&C was in advanced discussions to acquire Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited (“Matthew Clark Bibendum”), C&C confirms that the acquisition has now completed in accordance with the terms set out in this morning’s announcement.
“Accordingly, C&C now owns 100% of the issued share capital of Matthew Clark Bibendum.”
Conviviality was preparing to call in administrators last week – putting 2,500 jobs at risk – after it uncovered a £30m tax bill that it had not accounted for. The surprise prompted a profit warning and attempts to raise capital from investors to keep the business afloat.
The company’s wholesale division employs 2,000 people, but it is not known how many jobs will be saved by the purchase.
Conviviality’s retail chains Bargain Booze and Wine Rack are still up for sale.