FMV in consultation with staff over future of business

By Andrew Catchpole

Published: 24 June, 2020

Fields, Morris & Verdin (FMV) is understood to be in consultation with its staff over the future of the company.

Operating as the on-trade and independent retail distribution arm of Berry Bros. & Rudd (BBR), which bought FMV in 2003, Harpers has learned that the Covid-19 crisis may have delivered a final curtain call for much of FMV's business.

The company, which counts such high-profile estates as Viña Tondonia and Ridge in its portfolio, is understood to have been under pressure for some time, with a source saying that both many accounts and many agency lines were unprofitable.

“Covid may have provided an excuse, albeit a very good excuse, to shut up shop,” Harpers was told.

FMV represents around £40m of BBR’s £188m turnover, and had furloughed a majority of staff since the on-trade shutdown, many of whom were expecting to return to work on 29 June ahead of the hospitality sector’s reopening.

It is understood that certain rival distributors had previously expressed an interest in acquiring FMV, but that approaches were turned down, though well before Covid-19 struck.

FMV has been contacted for comment and a public statement is expected from the company tomorrow (25 June).

Printer friendly version