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£10m fighting fund for Enotria and Coe

Published:  06 April, 2018

Enotria and Coe has announced that private equity owners BlueGem are to invest £10 million to support the growth of the company in the coming months.

The announcement, which comes as rival wholesalers Bibendum PLB and Matthew Clark pass into new ownership under C&C Group, will be seen as a challenge to Enotria’s competitors at a time when they are seeking to reassure both suppliers and accounts that it is ‘business as usual’.

The statement said: “Enotria&Coe today announced that private equity owners BlueGem will invest significantly in the coming months to continue to support the growth strategy of the business, and respond to opportunities that have recently been presented in the market.

“In reaction to the market’s short and long-term needs, the Board has approved an equity raise of up to £10M to allow the business to invest in growth.”

The statement added: “Against a challenging backdrop and an increasingly turbulent, fragmented market, Enotria&Coe is optimistic about potential growth, and the opportunity to build both sustainable business and strong partnerships in the trade”.

Troy Christensen, Enotria’s CEO, highlighted the trend towards premiumisation in the on-trade, saying that the investment “will increase working capital, allowing for swift and effective response to customer needs”.

Enotria is one of many national and regional wholesalers that have moved to remind the on trade of their credentials during the period of uncertainty over the fate of Conviviality’s wholesale division, with companies signalling their willingness and ability to work with and support new accounts.