Subscriber login Close [x]
remember me
You are not logged in.

Jascots Wine Merchants undergoes a managment buyout

Published:  11 April, 2016

Miles MacInnes, the sales and marketing director at Jascots, and John Charnock, managing director at Jascots, have acquired a controlling stake in the business from founder Jack Scott.

While Scott will retain shares in the business, MacInnes and Charnock, will equally own the larger majority of the business. Scott will remain as non-executive director.

Both MacInnes and Charnock are long-term employees at Jascots. Charnock has been managing director for five years and will now be a managing partner in the business overseeing finance.  MacInnes has been the sales and marketing director for five years and will be the managing partner of marketing and product.

"We are really excited to have bought the business.  It is fantastic place to work and the company is doing really, really well. We are really excited about the potential of the whole team and where we can take the business. All of the people have been recruited for what they can do now, but also what they can do in the future and we are investing in the development of our people. A management buyout is the happiest result for all of us," said MacInnes.

As leaders of the business, the managing partners have focused on steady organic growth, improving customer service and expanding their product range.  As part of the growing service the company may potentially begin to offer Sunday delivery service to further meet the needs of their growing customer base.

The product portfolio is set to grow by 5% for the second consecutive year, with the focus on wines under £30 excluding VAT. The team has plans to continue to roll out improvements through 2016.

"The plan is to keep going in the direction we have set over the last four years, focusing on delivering amazing wines to the restaurants, hotels and caterers of London and the UK with the best customer service in the industry," said MacInnes.

The focus on improving customer service and a broader portfolio range has helped the business grow. Jascots turnover was £8.04m in the 12 months to end March 2016 which was up from £7.5m for the previous period to end March 2015.

Miles said: "We have enjoyed our most successful year yet in 2015 - 2016 and we predict 15% growth in 2016 - 2017."

Charnock and MacInnes made fellow directors Dipak Thapa, the head of finance, Dean Hammond, the head of operations, and Ben Scott, the head of key accounts and events, partners and shareholders in the business.