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Berry Bros confirms FMV restructure

Published:  04 September, 2020

Berry Bros & Rudd (BBR) has confirmed it will be restructuring its Fields, Morris & Verdin (FMV) wholesale arm following the announcement of an internal review in June. 

The business said that FMV’s new business model would be “more closely aligned with its fine wine business and supports Berry Bros & Rudd’s ongoing strategy”.  

As part of the restructure, FMV will represent a "smaller portfolio of the world’s most prestigious fine wine producers".

Burgundy will continue to be a focus region, and FMV will also represent “outstanding wines” from established and "promising producers" across several key wine regions. 

Going forward, its spirits range will be distributed directly by BBR.

The trade customer base will predominantly be luxury retailers, independent and fine wine merchants, and a number of high-profile on-trade establishments.

The announcement follows FMV having communicated with producers and customers to discuss the outcome of this decision over the past few weeks, with several of these producers having already found “new homes”, said BBR.

Chairman Lizzy Rudd said: “Following the completion of our internal review, I can confirm that we are restructuring FMV to support a smaller portfolio of renowned producers, in line with BBR’s private client strategy.  

“Although this has been a difficult decision, it is the right one to adapt our business to the market conditions we see ahead. It will enable us to focus on providing excellent service as well as continuing to build strong relationships and long-lasting friendships with our producers and customers.”

In June, BBR confirmed that it was “reviewing” FMV following speculation that the business was in consultation with its staff over the future of the company, as reported exclusively by Harpers

Last year, BBR announced its strategic priorities – focussing on its private client business and developing spirits brands, both areas where the business has an established history, and a wealth of experience and expertise.  

In July this years, BBR appointed Emma Fox as its new CEO with effect from 3 August 2020.