Musgrave clinches acquisition of Drinks Inc

Musgrave, the wholesaler and SuperValu owner, confirmed it is near to completing the purchase of Belfast-based drinks distributor Drinks Inc.

It has appointed Kevin O’Leary as the new business director at the distributor while Drinks Inc owner Paul Camplisson will stay on as a consultant at the firm.

Musgrave won’t disclose the price it is has paid for the business. Drinks Inc earned a pre-tax profit of over £2.1m (€2.4m) on turnover of almost £66.3m, according to the accounts for the 12 months to the end of March 2018.

In the same financial year, Drinks Inc posted an after-tax profit £1.7m, down from over £2.5m a year before.

“As one of the fastest-growing drinks companies on the island of Ireland, Drinks Inc is an excellent strategic fit for Musgrave and will strengthen our existing offer to the market,” said Musgrave chief executive Chris Martin.

Mr Camplisson said Drinks Inc was one of the largest independent drinks distributors.

The Drinks Inc 2018 accounts show that at the end of March 2018 Irish- registered Roaring Water Bay Wines and Spirits was owed £2.9m by Drinks Inc.

The same accounts also showed that England-based Uisce Ard owed Drinks Inc £6m, at the same date.