FDBusiness.com

Heineken has sold Waverley TBS, its loss-making UK wholesale drinks subsidiary, to private equity firm Mansfield Partners for an undisclosed sum. Heineken took over Waverley following its joint £7.8b acquisition with Carlsberg of Scottish & Newcastle in 2008.

Waverley employs 1,100 staff, after announcing 220 job cuts as part of a restructuring programme. Heineken will continue to sell its main brands such as Heineken, Foster’s, Kronenbourg 1664 and Strongbow, through Waverley.

“From a Heineken perspective, the sale enables us to better concentrate on our core business, and to focus investment behind our brands,” explains Stefan Orlowski, managing director of Heineken UK. “For WTBS, it builds on a successful restructuring programme already in place and the new owners will be well-placed to develop the business further, bringing the focus and strategic direction that will come from an independent operation.”