Fever-Tree founders toast £103m windfall after shares sale
Deputy chairman Charles Rolls and chief executive Tim Warrillow offloaded a 2.6% stake.
The founders of Fever-Tree are celebrating a £103.5 million payday after cashing in on the mixer-maker’s recent success by selling a stake in the group.
Deputy chairman Charles Rolls and chief executive Tim Warrillow offloaded a 2.6% holding – increasing the number of shares they originally intended to sell after “significant” demand from institutional investors, according to a Stock Exchange announcement.
They sold three million shares at £34.50 each, giving Mr Rolls £69 million and Mr Warrillow £34.5 million.
It comes after the tonic water group has seen its share price rise more than 2,000% since its stock market flotation in late 2014.
Following the shares sale, Mr Rolls now holds about 7.1% of the company and Mr Warrillow has a 4.7% interest.
Named after the tree in which quinine – a key ingredient for tonic – is found, the company wanted to offer a premium tonic water with no artificial sweeteners, preservatives or flavourings.
Mr Rolls and Mr Warrillow produced the group’s first bottle of tonic water in 2005 and now sells a range of 12 different flavours.
The group has rapidly expanded its international sales in recent years and now makes around the bulk of annual revenues from outside the UK, with key overseas markets being the US, Spain and Belgium.