Conviviality Retail completes Matthew Clark deal

7th Oct 2015 14:39

(ShareCast News) - Off licence and convenience stores owner Conviviality PLC confirmed it has completed the acquisition of Punch Tavern's 50% stake in drinks supplier Matthew Clark for a combined £200m.The London-listed company said the deal for Matthew Clark, a 50:50 joint venture between Punch Tavern and Accolade Wines-owned Hertford Cellars, received its shareholders approval on 1 October.Conviviality, which announced it has changed its name to Conviviality Retail, said it expects the acquisition to be earnings within the first 12 months of ownership, adding it pay £100.7m to Punch with the remaining balance being paid for the other 50% stake held by Hertford Cellars.Punch Taverns said it expects to make approximately £98.7m in net cash proceeds, which will improve the company's "financial flexibility to pursue its strategic objectives", adding it has agreed to enter a 10 year non-exclusive drinks supply contract with Matthew Clark Wholesale.Conviviality shares were up 0.13% to 184.74p at 1439 BST on Wednesday.