A group of local licensed trade figures have proved there are good news stories to come out of the recession after returning a leading drinks wholesaler to Scottish ownership.
George Thomson, Ewen Cameron and Ian Cumming, who between them have clocked up nearly 85 years in the industry working for the likes of Scottish & Newcastle (Heineken), Diageo, WaverleyTBS, and First Drinks, have been able to buy Forth Wines from English firm Matthew Clark, for an undisclosed sum.
Backing was from the Royal Bank of Scotland and a small syndicate of private investors.
The company’s base at Milnathort and 51 jobs have been preserved and the team behind the move which includes finance specialist Alan Cramond now hope the business will flourish in the months and years to come.
With much doom and gloom in the news about firms struggling to survive, Mr Thomson, who became managing director of Forth Wines, reckons the management buy-in represents a bucking of the trend.
“I felt that the company was drifting a bit and wondered if there would be a possibility of getting in there and helping to turn the business around,” he said. “We managed to negotiate a deal and having been in the business we just felt that the time was right to make an approach.
“It’s a very difficult climate in the industry and unfortunately management buy-ins are very few and far between at the moment.
“But the Royal Bank of Scotland have been very helpful in supporting us to get the deal done and helping us to make a difference to the business.
“We have a great passion for the drinks industry and this acquisition gives us the platform to build on the already successful foundations at Forth Wines, while each taking a financial stake in the business. Putting our money where our mouth is greatly appeals to us all and we have found an established business that allows us to do that.”Big businessForth Wines, which was acquired by Matthew Clark in 2001, is one of Scotland’s largest specialist wine merchants, supplying wines and spirits to Scottish restaurants, pubs and clubs, and also has UK agency and distribution rights over some wines.
Under the new deal, the company’s 51 staff automatically transferred to the new company and the business will continue to operate out of its offices in Kinross-shire, with Mr Thomson, who spent 13 years with Diageo in Perth, giving his commitment to the area.
“Milnathort is a great place to be based and our main focus is Scotland,” he added. “Forth Wines, which will have served the trade for 50 years in 2011, was one of those rare opportunities just too good to pass up.
“Seeing the business return to Scottish ownership is an added bonus.”
Peter Hodgkinson, relationship director for RBS business and commercial banking in Fife, described the deal as “great news” for Scottish business and the local economy.
“George, Ewen, Ian and Alan bring a wealth of experience to this business and our support reflects their professionalism and commitment,” he said. “This is a real demonstration of the entrepreneurial spirit that exists in Scotland.”