Fevertree: £1m pay day for top boss after Molson Coors tie-up
The chief executive and co-founder of Fevertree has been rewarded with a pay packet of more than £1m after agreeing a “transformational” tie-up with Carling owner Molson Coors.
Tim Warrillow, who set up the AIM-listed business with Charles Rolls more than 20 years ago, has taken home almost £1.1m for the company’s latest financial year.
The total is a significant jump from the £619,000 he was paid in 2023, according to the company’s new annual report.
His latest pay packet was made up of a basis salary of £565,000, a rise from £443,000, and an annual bonus payment of £396,000, up from £133,000.
Warrillow also received £74,000 through Fevertree’s long-term incentive plan. A pay out was not granted in 2023.
Sales on the rise at Fevertree
The pay jump comes after City PM reported in January that Fevertree had agreed a deal with Molson Coors.
The deal will see Molson Coors handle the exclusive sales, distribution and production of the Fevertree brand in the US.
At the time, analysts were uniformly positive about the deal while Fevertree’s shares soared by more than 20 per cent.
It was also announced that Molson Coors would acquire an 8.5 per cent shareholding in Fevertree, with the proceeds of the issue returned to shareholders via a share buyback programme of £71m.
In March, Fevertree reported a rise in its revenue of four per cent for 2024, driven by 12 per cent growth in the Unites States. UK revenue fell by three per cent year on year.
Its earnings before interest, tax, depreciation and amortisation (EBITDA) margin increased to 13.7 per cent.
The company announced a further £29m share buyback programme, 3.1 per cent of the current market cap.
Shares in Fevertree are currently trading at around 785p, down from the 1,103p they were changing hands for a year ago.