Fever-Tree founder banks £82.5 million in shares sale
- Credit: PA
One of the founders of mixer maker Fever-Tree is toasting a £82.5 million payday after cashing in on the firm’s recent success by selling a stake in the group.
Deputy chairman Charles Rolls offloaded a 2.6% stake - almost doubling the number of shares he originally intended to sell after “significant” demand from institutional investors, according to a Stock Exchange announcement.
He sold three million shares at a price of 2,750p each.
It comes after the tonic water group has seen its share price rise more than 1,000% since its stock market flotation in late 2014.
Shares in the group have risen more than 90% over the last 12 months alone.
Mr Rolls continues to own an 8.6% stake in the company.
Last year, he banked £73 million from another shares sale.
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Named after the tree in which quinine - a key ingredient for tonic - is found, the company wanted to offer a premium tonic water with no artificial sweeteners, preservatives or flavourings.
Mr Rolls, along with co-founder Tim Warrillow, produced the group’s first bottle of tonic water in 2005 and now sells a range of 12 different flavours.
The group has rapidly expanded its international sales in recent years and now makes around the bulk of annual revenues from outside the UK, with key overseas markets being the US, Spain and Belgium.