Boutinot profits slip despite revenue rise
BOUTINOT, the privately-owned wine importer, producer and supplier, saw pre-tax profits slip 24% in the year before it was bought by its management.
Newly-filed accounts for the year to August show the Stockport firm, sold by founder Paul Boutinot in March, increased turnover from £85.2m to £95.3m, but pre-tax profits shrank from £2.3m to £1.7m.
The accounts show this was partly down to higher costs, but in their report the directors draw attention to the impact of the accounting treatment of a loan to its South African subsidiary.
The value of the management buyout was not disclosed at the time and there is no further detail in the annual figures.
It was supported by a £20m facility from Barclays and additional funding from the management team, and an Italian partner, Araldica Castelvero. The management team was led by Dennis Whiteley, Michael Moriarty and Tony Brown.
As well as France, Boutinot has businesses in the US and South Africa and a joint venture in Italy. It was set up to source wines for Mr Boutinot’s parents’ restaurant in Heald Green. It now has a portfolio of more than 800 wines.
