UK: Thierry's buys back KWV shares
Thierry's, the UK's leading independent wine importer, has carried out a buyback of KWV's shares in its business.
The "mutually beneficial" deal will allow both companies to "focus on core strengths", Thierry's said today (13 February).
"We have learnt a lot from our partnership with KWV and we are delighted to continue our distribution arrangement with one of South Africa's largest and most consistent wine companies," said managing director Ged Welch. "We will continue to work closely with KWV and are proud to continue to distribute their wines in the UK."
Following the deal, Thierry's shareholders, Ged Welch, Matthew Dickinson, Lindsay Talas, Dominique Vrigneau and Hatim Dungarwalla, will each own equal parts of the company.
Thys Loubser, CEO of KWV, described the restructuring of his company's distribution in the UK as a "win-win situation".
"With full ownership of the business in Thierry's hands, we look forward to a focused and dedicated service provider to represent KWV's strong portfolio in the UK market," Loubser said.
Financial details of the deal were not disclosed.
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