Alken brothers resign in Padmore takeover
Gregory and Anthony Alken have resigned their position as directors of wine distributor Febvre & Company and have left the business following its being taken over by investment firm Padmore Investments as a majority shareholder.
20 February 2014
The Padmore deal includes Paul Sapin, Febvre’s French wine subsidiary which supplies over 30 countries worldwide.
Jim Bradley, formerly of the C&C Group, former President of the European Soft Drinks Association and President of the Irish Beverage Council has been appointed Chief Executive of the company with immediate effect.
“Padmore’s capital will allow Febvre to take advantage of improving economic conditions, positively positioning the company for acquisitions and further expansion going forward,” the company stated.
Febvre & Co turned in pre-tax profits of €26,901 on a turnover of €52.6 million in 2012.
The company recorded pre-tax losses of €1.9 million the previous year and €1 million the year before that.
The extent and cost of Padmore’s investment has not been revealed.