Fevertree founder Charles Rolls sells twice as many shares as expected

Rolls ended up selling twice as many shares as initially planned due to "significant" institutional demand. The shares were sold at 2,750p to institutional investors in a placing managed by Investec.

Following the placing, Rolls will hold just over 9.9m shares in the group, which represents a stake of around 8.6%.

Fevertree - whose shares have risen more than 90% in the last 12 months - reported a 66% jump in full-year revenue earlier this month as adjusted earnings before interest, tax, depreciation and amortisation rose to £58.7m from £35.8m. It attributed the gains to strong growth across all regions, channels, flavours and formats, with the UK once again delivering an "exceptional" performance.

At 1035 GMT, the shares were down 5.6% to 2,791p.