Wine distributor Boutinot has been bought in a management buyout sparked by the departure of founder Paul Boutinot.
The Cheshire-based company, which produces wine from its own vineyards as well as importing it, supplies Tesco, Sainsbury’s, M&S and Waitrose, as well as independent retailers, international buyers, wholesalers and the on-trade.
Although the amount paid for the buyout was undisclosed, the deal was supported by a £20m loan from Barclays, plus an additional equity injection from a key Italian supplier, Araldica Castelvero SCA, which will take a 30% stake in the business. The two companies have worked together for 13 years, and manage a joint-venture Italian range.
Chairman Peter Renshaw is also stepping down and the new team will be led by MD Dennis Whiteley, along with communications director Michael Moriarty and Tony Brown MW. Araldica’s general manager Claudio Manera will join the board as a non-executive chairman.
Whiteley said the funding package would allow for the long-term needs of the company, which employs 80 staff and has an annual turnover of more than £95m. “The whole team at Boutinot has worked tremendously hard over the past 10 years to establish a successful business, which is now set for further growth,” he said.
Moriarty added there were no plans to change strategy as the company had seen good growth and was anticipating turnover rising to more than £100m in the coming year.