The capital injection will be released in instalments over the next six months, allowing the firm to stay afloat in a volatile market.
The UK on-trade has been ravaged by the coronavirus lockdown, and Enotria & Coe expects the sector to see “multiple casualties before a return to normal”.
Bars, pubs and restaurants have reopened across the country, but many Brits are reluctant to visit them. CGA data suggests that footfall was down 58% year-on-year in the last week of July, with wine sales down 42% and spirits down 51% on 2019.
However, this £6 million investment from private equity investors Blue Gem Capital, backed by Glendower Capital, should help Enotria & Coe emerge from the crisis intact.
Chief executive Troy Christensen said: “This investment demonstrates the confidence our investors have in the trade rebounding even at time of crisis for the industry, and the importance of the values we all share in wanting to support our customers on that journey.
“Covid-19 will fundamentally re-shape the next few years for everyone in the UK drinks industry and we will all need to adapt. As we continue to invest in digital and expand our ability to add value to customers through data, education and better service – we are pleased to be able to ensure much needed stability.”
