Home news Fever-Tree boss cheers £29m shares sale

Fever-Tree boss cheers £29m shares sale


One of the founders of drinks firm Fever-Tree is toasting a cool £29m windfall after selling 1.5m shares.Tim Warrillow, who co-founded the group with Charles Rolls in 2004, said he was responding to demand from big investors for shares in the firm.The move reduces his stake to 5.4% and comes after Mr Rolls banked £73m through selling shares in May.Shares in the firm, best known for its tonic water, have soared more than 1,000% since 2014.This year alone shares in the group, which also sells mixers such as ginger beer and Sicilian lemonade, have risen by more than 50%.Fever-Tree’s international sales have expanded rapidly, and more than 50% of its revenues now come from outside the UK.The US, Spain and Belgium are key overseas markets.Fever-Tree founders inspired by first meetingFever-Tree produced its first bottle of tonic water in 2005 and now sell a range of a dozen different flavours.Mr Warrillow and Mr Rolls pair wanted to produce an upmarket tonic with no artificial sweeteners, preservatives and flavourings.The firm is named after the colloquial term for the cinchona tree which, from its bark, supplies quinine – a key ingredient in tonic water.On Tuesday the company upgraded its profit forecast after strong sales. It saw “exceptional growth” in the UK of 113%.
Source: BBC