C&C takes over Scottish drinks firm

Irish drinks group C&C has further strengthened its presence in Scotland by acquiring outright ownership of the country’s largest wine and spirits wholesaler.

The move to buy out the remaining 50% of Irvine-based Wallaces Express builds upon C&C’s strategy of developing a multi-beverage platform in the Scottish drinks market.

The move also follows on from the group buying a 50% holding in Wallaces Express — which will now be rebranded Wallaces TCB — 12 months ago, for an undisclosed sum.

“Our decision to acquire the business, outright, represents further investment by C&C in Scotland and is the latest stage of our plans to put customers at the heart of our support for the independent on-trade,” said John Gilligan, managing director of the C&C-owned Tennent Caledonian Breweries.

“We plan to grow the business [Wallaces] further, finding more opportunities for cross-selling to our customers, particularly in wines and spirits and soft drinks,” he added.

C&C — chiefly known for its twin Bulmers/Magners cider brands — published an upbeat third quarter trading update back in January, the optimism contained within being mainly driven by the performances of its Irish and Scottish operations.

The group’s management previously said that its most recent financial year — which ran up to the end of February (with the formal results due for release towards the end of May) — was one of consolidation, with the integration of recent acquisitions being the core focus.

At the halfway point of its last financial year, management also said that the group is not reliant on further acquisitions to deliver long-term growth for the business, despite its balance sheet remaining strong.

C&C’s share price was down by just under 1% yesterday, at €4.65.