W S Karoulias will be the subject of a management buy-out

W S Karoulias will be the subject of a management buy-out

Berry Bros & Rudd has lined up the divestment of its Greek distribution unit, W S Karoulias SA.

The London-based wine and spirits merchant, which sold the Cutty Sark blended Scotch whisky brand to The Edrington Group a year ago, confirmed today (24 January) that W S Karoulias will be the subject of a management buy-out, led by its managing director Chris Argyrou on behalf of IMA SA. Financial details behind the sale were not divulged.

IMA is a Greek drinks distribution company, which is owned by a Cypriot holding group and whose main shareholder is Argyrou.

BB&R's managing director, Hugh Sturges, will be asked to remain on the board of W S Karoulias as chairman, following the retirement of present chairman Tony Easter.

Argyrou will retain his seat on BB&R's “strategy committee” in London, the Greek company said, while W S Karoulias will continue to distribute Cutty Sark in Greece.