Dentons has advised C&C Group plc, owner of drink brands such as Bulmers in Ireland and Magners and Tennent’s in the UK, on its acquisition of Matthew Clark (Holdings) Limited and Bibendum PLB (Topco) Limited ("Matthew Clark Bibendum") from Conviviality Brands Limited, a subsidiary of Conviviality plc. Conviviality plc collapsed into administration earlier this month.

Matthew Clark Bibendum, the companies purchased by C&C, comprise the profitable wholesale arm of the Conviviality group. The consideration paid was a nominal sum and C&C will provide significant working capital to Matthew Clark Bibendum. In addition, at completion Matthew Clark Bibendum benefited from £102 million of working capital facilities from its current lender group which is repayable in instalments following completion.

Drinks group C&C already has strong distribution capabilities in Ireland, and the addition of Matthew Clark Bibendum will significantly boost its capability across the UK.

Stephen Glancey, CEO of C&C Group, said, “We know the Matthew Clark and Bibendum businesses very well. They are great businesses with unparalleled on-trade market access, a wide range of supplier relationships and supported by a knowledgeable and loyal employee base. We look forward to working with our new colleagues and other stakeholders to bring stability and restore the group’s position as one of the leading and most respected drinks suppliers to the UK hospitality sector.”

Byron Nurse, co-head of restructuring and a partner in Dentons' UK Banking and Finance team and specialist in non-contentious restructuring, led on the deal. He said, "We are delighted to have advised C&C on this acquisition. They are already a significant player in the UK drinks market, and following this deal they are very well positioned for further growth across the country. It is particularly pleasing that the transaction preserved approximately 2,000 jobs directly and many more in the supply chain.

"This deal is an excellent example of how Dentons' recent expansion into Scotland is benefiting our clients. We were able to pull together a large team of insolvency and food & drink specialists from across our offices in England and Scotland to close this deal quickly and efficiently, largely over the Easter weekend."

Alongside Byron Nurse, the Dentons team advising on the deal included partners Derek McCombe, Alex Thomas, Nik Colbridge, James Wilson, and Ian Fox. Banking and Finance associates Samir Younes and Joe Byron Evans, Corporate associate Charmaine Murdoch, Banking and Finance counsel Robert Spedding, and Dispute Resolution associate Jonathan Sears also advised.