Freixenet-Copestick snaps up Jascots

Freixenet Copestick has purchased Jascots Wine Merchants Ltd from the administrators, it announced this morning, with all current Jascots employees set to transfer to the new business.

Freixenet Copstick is part of international sparkling wine group Henkell Freixnet

The new business, which will trade as Jascots Wine Limited will continue to trade from its North London base, and remain focussed on finding and supporting small sustainable growers around the world, the announcement said.

Freixenet Copestick’s managing director Damian Clarke said Jascots was a well-respected wine supplier which has established itself as a supplier of choice to some of the best restaurants, hotels and caterers in London and beyond through a “superb” portfolio of exclusive wines, exceptional service and leadership in sustainability.

He noted that as the only wholly on-trade specific independent wine merchant in the UK, Covid-19 had been “particularly challenging”.

“Despite their swift and successful diversification into direct to consumer and independent off-trade the severity of market conditions proved insurmountable for them,” he said.

Matthew Wild and Matthew Haw were appointed as joint administrators on 30 November, citing the overwhelming challenges of the pandemic, despite the Jascots’ team pivoting its business to offering home deliveries to try and make up for the shortfall in trade.

As managing partner Mile MacInnes pointed out to db at the time, sales went “from 85% of normal on Friday 13th March to zero on Tuesday 17th March” as ts customers were forced to close their doors.

The second lockdown only compounded the problem.

Earlier this month, db reported that the parent company Henkell Freixenet, the German sparkling wine giant, had bought the remaining 40% stake in UK online retailer Slurp as it looks to build its UK ecommerce arm following strong sales.