Buy-out team see Boutinot sales top £100m
BOUTINOT, the privately-owned wine importer, producer and supplier, has seen sales top £100m for the first time a year after being bought by management.
Recently-filed annual accounts for the Stockport firm, show sales jumped from £95m to £107m in the year to August 31.
Pre-tax profits were up from £1.7m to £5.5m.
The business was sold by founder Paul Boutinot in March 2013 to a team led by Dennis Whiteley, Michael Moriarty and Tony Brown.
A £20m facility was provided by Barclays and additional funding from the management team, and an Italian partner, Araldica Castelvero. The deal value was never disclosed but separate accounts for acquisition vehicle In Vino cite a purchase of fixed asset investments at £27.9m.
A business review in the Boutinot accounts said the improvement partly reflected an exchange loss on foreign investments in 2012. The company also benefited from the £2.2m sale of its South African business. Nonetheless, the directors said 2014 had “begun strongly” and they remain confident for the year ahead.
As well as France, Boutinot has businesses in the US 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.
