Leading New World wine producer, Accolade Wines, has entered into an agreement to sell its 50 per cent shareholding in Matthew Clark, the UK’s largest independent drinks distributor, to Conviviality Retail Plc, one of the UK’s largest franchised off-licence and convenience chains, for £100 million.
Matthew Clark is a 50-50 joint venture between Accolade Wines and Punch Taverns Plc, and as part of the transaction, Punch will also sell its shareholdings to Conviviality.
The agreement is subject to certain conditions including the approval by shareholders of both Conviviality and Punch, and is expected to be finalised in October.
As part of the agreement Accolade has secured a 10 year contract with Matthew Clark, which will ensure that Accolade Wines and Conviviality remain long-term partners in the drinks trade, and that Accolade’s portfolio of premium, commercial and value New World wines will continue to be available in the on-trade.
