Heineken sells Waverley TBS to former S&N chief's company
Heineken UK has sold wholesaler WaverleyTBS (WTBS) for an undisclosed sum to an investment firm in which former Scottish & Newcastle UK managing director Jeremy Blood is a partner.
Manfield Partners has taken on WTBS which will now operate as an independent drinks wholesaler while retaining the current senior management team led by managing director Jonathan Townsend. Blood will become chairman of WTBS.
Stefan Orlowski, managing director for Heineken UK, said: "We are very pleased to have agreed this deal with Manfield and it provides a strong position for all three parties.
"From a Heineken perspective, the sale enables us to better concentrate attention on our core business; and to focus investment behind our brands.
"For WTBS, it builds on a successful restructuring programme already in place, and the new owners will be well placed to develop the business further, bringing the focus and strategic direction that will come from independent operation."
In February it was revealed that 200 positions at WTBS were being made redundant. Six months earlier 60 people lost their jobs at the company.
A statement on the deal stated that it would have no impact on employees who would retain existing terms & conditions of employment.
WTBS will retain a number of commercial agreements with Heineken UK including a brand supply agreement and trading incentives.
Jonathan Derry-Evans, representing Manfield, said: "The opportunity to acquire WTBS from Heineken is an exciting prospect and we are pleased that we have been able to reach an agreement that offers benefits to all parties.
"As an investment partner, we can take WTBS forward on an independent basis and offer strategic focus and direction to a business with huge growth potential. We have already been impressed by WTBS's restructuring plans and have every confidence in the management team to deliver ambitious plans for the future."
Jonathan Townsend, managing director of WTBS added: " Whilst we have today announced new ownership, it is very much business as usual for our team and our customers. It is important for us to carry through the plans we have in place and to set our sights on a sustainable long term future.
"The Manfield team will help us realise these ambitions and consolidate our position as the UK's leading specialist drinks wholesaler."
WTBS subsidiary United Wine Merchants, operating in Northern Ireland, is not included in the sale and will remain part of Heineken UK.
Manfield was founded in 2009 and comprises five partners including Jeremy Blood, one-time managing director of S&N and now a non-executive board member of Mitchells & Butlers.
