THE London-based businessmen behind upmarket drinks mixer company Fever-Tree have sold a stake in the business valuing it at £48m.
Charles Rolls and Tim Warrilow, who founded Fever-Tree eight years ago, yesterday announced they had sold 25 per cent of the firm to LDC, a private equity arm of Lloyds.
Rolls and Warrilow said Fever-Tree, which sells tonic and other mixers to premium restaurants, had capitalised on the growing popularity of gin and tonic both at home and abroad. The firm has seen annual revenue growth of close to 60 per cent over the last three years.
Fever-Tree will use the cash to expand beyond its three core markets of the US, UK and Spain.
Warrilow said: “What is exciting about this business is the international potential.”