Fevertree founders sell £104m of shares

Fevertree Drinks’ shares dropped on Tuesday after the company’s founders scored a big payday by selling off £103.5m worth of their shares in the drink mixer manufacturer.

Both Charles Rolls, non-executive deputy chairman, and Tim Warrillow, the firm’s chief executive, sold roughly 3m shares, approximately 2.6% of the company's issued share capital, through an accelerated placing with institutional investors.

The AIM-traded company’s initial announcement of the sale after the market closed on Monday had indicated that just 2m shares, or 1.7% of the company, would be included in the sale.

After the placing, Rolls now holds 7.1% of the company while Warrillow’s stake sits at 4.7%, making them the fourth and eighth largest shareholders respectively.

The two men founded the company in 2004 with a 'premiumisation' of the mixers market, initially developing a tonic that used quinine sourced from the Rwanda Congo border, spring water and eight botanical flavours.

Fevertree’s shares were down 3.86% at 3,538.00p at 0903 BST on Tuesday.