Breaking: Matthew Clark and Bibendum acquisition completed
Further to the news earlier today that C&C Group and AB InBev were planning to acquire Matthew Clark, Bibendum and their other subsidiaries from the ailing Conviviality, a statement sent out on behalf of the C&C Group states that the acquisition has now been completed.
The statement reads: “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 [been] 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”.
Earlier today, C&C released a statement, that was later confirmed by Conviviality, which stated that together with AB InBev, it was planning to acquire the “entire issued share capital of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited and their subsidiary businesses Catalyst, Peppermint, Elastic and Walker & Wodehouse (together ‘Matthew Clark Bibendum’)”.
The statement continued: “Consideration for the shares will be a nominal sum, and C&C will provide sufficient funds to support the on-going working capital and other cash requirements of the business. In addition, AB InBev will provide additional financial support to the transaction. C&C’s investment will be funded from existing C&C facilities”.
This news means that drinks wholesaler Conviviality has now appointed administrators, after it filed its intention to do so on 29 March within 10 business days.
Conviviality has not yet stated who its administrators are, or confirmed the appointment, but it has enlisted the services of PricewaterhouseCoopers (PwC) who have been engaging with stakeholders and undertaking a review of the business.
For further updates and reaction from the industry, stay tuned to the drinks business.