BBR announces FMV ‘restructure’
Berry Bros & Rudd has announced that following an internal review it will be changing the trade and business model of its wholesale arm Fields, Morris & Verdin.
Over the course of this week several other merchants have announced the addition of former FMV-distributed wineries to their own portfolios.
It has been known since June that the business was struggling but there what its future was remained unknown.
Today (Friday 4 September), BBR has confirmed that FMV’s new business model will see it continue to act as a wholesale arm for BBR but with a much reduced portfolio and a stronger focus on luxury and independent retailers and high-end on-trade.
Chairwoman Lizzy Rudd said: “Following the completion of our internal review, I can confirm that we are restructuring FM&V to support a smaller portfolio of renowned producers, in line with BB&R’s private client strategy.
“Although this has been a difficult decision, it is the right one to adapt our business to the market conditions we see ahead. It will enable us to focus on providing excellent service as well as continuing to build strong relationships and long-lasting friendships with our producers and customers.”
BBR said in the statement that it had been, “communicating with producers and customers to discuss the outcome of this decision and is pleased to see that several of these producers have already found new homes.”
More details to follow.