We advise Drink Warehouse on fundraising and acquisitions

We have advised Drink Warehouse UK Limited (“Drink Warehouse”) on its equity investment from Percipient Capital, debt refinancing, Kent County Council loan and two acquisitions. Our team was led by Corporate Finance Partner, Jack Clipsham and Relationship Partner, Scott Miles who worked closely with Matt Simmonds of Brachers LLP to complete the transactions.

Background

Drink Warehouse, established in 2010 by Mick Curtis and Demis Farley, is the leading drinks supplier in Kent and the surrounding areas, providing 7 days a week delivery, covering 362 days of the year. It has been recognised in the London Stock Exchange’s 1000 Companies to Inspire Britain and other accolades have included both Winner and Runner Up in recent Kent Mega Growth 50 awards.

Initially operating from a garage, with a single Citroen Berlingo van making multiple runs around the clock delivering to customers, Drink Warehouse has grown into a 32,000 square foot site in Ramsgate, servicing over 700 active customers.

Starting with a product portfolio consisting solely of packaged beer, an early partnership with a multinational brewer allowed the business to expand into the keg market, producing an additional demand for ancillary products. Demand from the market for premium spirits followed, which provided a natural progression into wines and Drink Warehouse now sources directly from wineries around the world.

The additional funding will allow Drink Warehouse to continue its organic growth by enabling geographic expansion, development of new and existing customers and the addition of new revenue streams, as well as facilitating two immediate acquisitions.

Percipient Capital is a leading independent provider of private equity and venture capital to small and medium sized businesses. Over the last 15 years they have supported more than 60 companies to fulfil their ambitions.

The Team

• Drink Warehouse founders – Mick Curtis (Managing Director) and Demis Farley (COO)
• Corporate Finance Adviser to the company – Kreston Reeves, Jack Clipsham and Scott Miles
• Legal Adviser to the company – Brachers LLP, Matthew Simmonds
• Private Equity provider – Percipient Capital, Jason Gould and Ed Farquhar
• Legal Adviser to Percipient Capital – DMH Stallard LLP, Vincent O’Brien

Comments

Mick Curtis, Managing Director of Drink Warehouse commented:

“We would like to thank our advisors Kreston Reeves and Brachers, for introducing us to Percipient Capital and guiding us through the process. Demis and I started with an ambition to supply the ‘ontrade’ with service levels and a range that couldn’t be matched. We started the business with the strapline ‘A Fresh Approach to Drink Wholesale’ and have built a trusted brand in Kent. With the support of Jason and Ed we will ‘SET THE BAR’ that others will have to match across the country.”

Jason Gould, Director of Percipient Capital noted:

“We are thrilled to support Mick and Demis with their ambitious plans to develop Drink Warehouse, both through acquisition and organic growth. From our very first meeting we were most impressed by the knowledge, drive and enthusiasm of the team. Taken together with their impressive track record to date, it was an easy decision for us to invest. The proactive support of the advisors and lawyers, enabled us to pull together very quickly what was a complex transaction comprising our investment and two back-to-back acquisitions. We are very much looking forward to actively supporting the team over the coming years.”

Jack Clipsham, Kreston Reeves Partner said:

“Working with Mick and Demis has been a great pleasure. They have built an impressive business, with an exceptional service delivery team and created a strong platform from which to continue to expand. Jason Gould of Percipient quickly saw the potential and together with Ed Farquhar immediately built a strong rapport. With the professional efficiency of both sets of lawyers, the transactions were completed swiftly and with the minimum of disruption to the business.”

Matthew Simmonds, Corporate Partner at Brachers LLP said:

“I am delighted for the team at Drink Warehouse on the successful completion of the investment into the business by Percipient Capital. The business has grown at an incredible rate over the past few years due to the team’s tireless commitment and exceptional service to its clients. The investment and support from Percipient Capital will allow the business to grow still further and we look forward to continuing to be part of that journey.”