Bosses uncork MBO of Virgin Wines
VIRGIN Wines, which has its distribution and packaging operation in Preston, has changed hands in a £16m buyout from Direct Wines.
Its management team, led by chief executive Jay Wright, chief financial officer Graeme Weir, and marketing director Paul Adams, were advised by a team from law firm Shoosmiths in Manchester.
The executives have invested in the business along with private equity funds Mobeus Equity Partners and Connection Capital.
Founded in 2000, Virgin Wines sells ‘boutique-quality wines’, many of them exclusively, and sources direct from producers.
Reading based Direct Wines plans to focus on growth in the US and Australia, while also operating its Laithwaite’s Wine brand in this country. Direct was founded by Tony Laithwaite in 1969 and is still family-owned. It has annual sales of around £350m.
It has retained Virgin Wines in the US and Australia.
Shoosmiths’ team was led by partner Kieran Toal, and included partner Mark Dawson and senior associate Alex Lilley on corporate matters; with partner Graham Hall and solicitor Holly Cheng on banking aspects.
Mr Toal said: “We’re delighted to help establish a business with a well-known, dynamic brand that will now have a significant part of its business in the North West, and which is ideally placed to take advantage of the growing online wine retail sector.”
