Founders of London-based premium drink mixers Fever-Tree has reportedly sells £18 million worth of shares last month. The sell-off account for around 10 percent of each of the two founders.
Fever-Tree founders Charles Rolls and Tim Warrillow stated firmly that they are still adhering with the business, despite selling their shares totaling in £18 million final month. According to The Telegram, founder and chief executive Tim Warrillow sold 853,816 shares worth £5.4 million. On the other hand, founder and executive deputy chairman Charles Rolls sold over 1.9 million of his shares for 635p each, totaling in £12.3 million, as revealed in a filing to the London Stock Exchange.
Even so, Rolls and Warrillow both tell Mail Online that they remain fully committed to the long-term success of the business. They revealed that there was a 'strong institutional demand for shares' as its results roadshow with investors. The co-founders insisted that they are sticking with the business for the long-term.
After the sales of share, Rolls still own more than 17 million shares worth around £113 million. On the other hand, Warrillow still has nearly 7.7 million shares worth around £50 million. That means both Rolls and Warrillow are still the largest individual shareholders in the group of owners. The share sales affected only a small part of their holdings, about 10 percent each, as they still retain the majority of their shares.
According to just-drinks, Fever-Tree has reported a healthy lift in sales for 2015. The report was revealed earlier this month as the company marked its first full year as a public company. Fever-Tree went public in late-2014. In its preliminary results, the company reported sales were up by 71 percent in 2015 to £59.3 million. The sales contributed to a boost in net profits to £13.3 million, after the profits for 2014 were impacted by costs to achieve the launch of the IPO.
Fever-Tree was founded by Charles Rolls and Tim Warrillow in 2005. Rolls is a former Plymouth Gin director. The company makes various drink products including tonic water, ginger beer and lemonade. The London-based company has shipped their products to more than 50 countries and has gone public in 2014 after selling 25 percent of the company to Lloyds Development Capital in 2013.
The two founders of Fever-Tree drinks have explained that despite selling almost £18 million worth of both their shares, they are still sticking to the business for the long term. The sales, they said, was driven by demands from investors. The founders still have the majority of their sales even after the sell-off.
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