Matthew Clark is a 50-50 joint venture between Accolade Wines and Punch Taverns Plc, and as part of the transaction, Punch will sell its shareholdings to Conviviality.
The agreement is subject to certain conditions including the approval by shareholders of both Conviviality and Punch, and is expected to be finalised in October.
As part of the agreement Accolade has secured a 10-year contract with Matthew Clark, which will ensure that Accolade Wines and Conviviality remain long-term partners in the drinks trade. Accolade’s portfolio of premium and value New World wines will continue to be available in the on-trade.
The deal neatly takes Matthew Clark into the off trade and the booming convenience store sector. While Accolade comes out of a non-core business with a 10-year deal that keeps its wines on the list of the UK’s largest on-licensed outlet supplier.