Management buyout at Febvre
The management at Febvre & Company have bought up the company in conjunction with a private investment consortium led by Paschal Taggart’s son Shane.
12 September 2017 | 0
Under the new structure, Jim Bradley, formerly Febvre’s Chief Executive, becomes Chairman while Financial Director Liz Coogan becomes the new Managing Director and Aidan Farrell its Operations Director.
According to a statement from the company, the sale ensures continuity of employment for all Febvre employees who will hold all current terms and conditions. The Febvre name will be retained and the business will continue to operate from its premises in the Sandyford Business District of Dublin.
2016 saw the company enjoy a slightly increased Irish turnover of €17.3 million and a reversal in fortunes with a pre-tax profit of €240,526 being declared in the year to 31st December. The previous year, “costs relating to litigation in France and Ireland in addition to restructuring costs within the company” led to a pre-tax loss of €1.33 million.
But turnover from its UK activities slowed 18% in 2016 to €1.46 million from the previous year’s €1.78 million.
“Today’s announcement is an important milestone in the development of Febvre”, said Liz Coogan, incoming Managing Director, “Febvre has been to the forefront of the wine industry in Ireland for over 50 years. The introduction of new capital will give the company a solid platform with a long- term focus to enhance and grow its position as a market leader in the wine industry”.
The company recently took aboard a new Commercial Director in Brendan Doyle and a new Brand Manager in Audrey Underwood.