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Symington Family Estates and Berry Bros. & Rudd launch Hambledon takeover bid

The cash offer values Hambledon, one of England’s oldest vineyards, at approximately £22.3 million. As a consortium, newly formed for the purpose of making the offer, Berry Bros. & Rudd and the Symington Group see the acquisition as an important mitigation against the risk of climate change.

The consortium also sees a strategic opportunity to diversify each member's respective existing family business portfolios, geographically for the Symington Group, and vertically for Berry Bros. & Rudd, through a long-term investment in English sparkling wine.

• Read more: Berry Bros. & Rudd: We need to talk about Gringet
  

In a statement, a Berry Bros. & Rudd spokesperson said: “We can confirm that Symington Family Estates and Berry Bros. & Rudd have initiated a takeover bid for Hambledon Vineyard plc. This process is regulated by the takeover panel. The context and strategic rationale behind the bid are detailed in the mandatory bid documentation that is publicly available on www.cvi-ltd.co.uk. Before the process has ended and until the outcome has been confirmed, we are unable to comment further.”

Hambledon sparkling wines have won numerous gold medal awards from international wine competitions and blind tasting tests. However, the capital investment in both developing new vineyards to build international scale and in new visitor centre facilities, along with the impact of Covid, has caused financial stress on the business funding, which led directly to the search for a long-term capital partner for the company.

According to the mandatory bid documentation Hambledon had considered several ways to generate additional equity and debt funding from many potential partners but these were not successful. The document states that the consortium’s takeover bid is Hambeldon’s only viable option given its current financial position.

Commenting on the acquisition, Martin Robinson, chair of Hambledon, said: “Berry Bros & Rudd and Symington Family Estates are organisations with longstanding experience and good reputation in the international drinks industry. They know the Hambledon business well and have committed to invest in it going forward. Their strengths in wine growing, branding and distribution inter alia are positives for our stakeholders going forward. 

“I want to thank our shareholders for their belief and loyal support over the years. Much to be proud of has been achieved by Hambledon and the quality of wine has met with international accolades. All of that said, the challenges we face mean now is the time to hand over the reins to a well-capitalised, well-resourced group.”

The offer is said to be, “lower than the levels at which some equity has been raised”, according to the mandatory documentation, although the terms of the offer are “fair and reasonable”. 

• Berry Bros. & Rudd
• Symington Family Estates
• Hambledon Vineyard