Conviviality has agreed to acquire a majority stake in Peppermint, a bar and events company operating at festivals and sporting events such as the Henley Regatta.
It follows the £200m reverse takeover last month by the Bargain Booze owner of wine supplier Matthew Clark, which was in discussions with Peppermint prior to the deal.
Peppermint, headed up by Adam Hempenstall and Alex Brooke, was created 13 years ago and now services more than 40 events annually, primarily providing bars and catering services to outdoor events.
Conviviality said it wanted to pursue the investment as it could offer its wider range of products to Peppermint’s existing and prospective festival and outdoor event clients.
“We are very excited to be offering this great opportunity to any brand that wants to engage consumers in the outdoor event market,” CEO Diana Hunter said. “We believe this new partnership will help justify the return on investment for brands at the strategy stage of brand planning, through the development of event campaigns based on unique insight.”
A half-year trading statement for Conviviality also revealed revenues at jumped 38% to £252m in the first half thanks to the inclusion of figures from Matthew Clark. Excluding the acquisition, sales rose 4.4% to £191m in the 27 weeks to 1 November, the retailer said.
Like-for-like store revenue also improved slightly to -1.3% – rising from -1.7% – and Wine Rack saw like-for-like sales up 5.3%.
Matthew Clark, which supplies 17,000 hotels, bars, restaurants and venues, generated revenues of £61m from 7 October to 1 November 2015, compared with £59m in the same period last year. Revenues in the 27 weeks to 1 November are 4% above the same period last year.
Conviviality added that good progress was being made with the integration of Matthew Clark and the plan to deliver synergies was on track.
Hunter said: “We have had a transformational first half of the year, which culminated in the successful acquisition of Matthew Clark. It is still early days in our ownership of this business, however, the integration is progressing well and we are pleased to have gained such a passionate and talented team.
“Our franchisee and retail business has also had a strong start to the year and we will continue to help our franchisees grow their businesses while also working to attract new franchisees to the group.”