Fever-Tree boss in high spirits amid £4m payday

  • Tue,23 Apr 2019 11:14:13 AM

The founder of Fever-Tree will take home a bumper pay packet after the posh mixer maker posted another record year.

Chief executive Tim Warrillow will receive £3.98 million for 2018, up from £844,000 the previous year.

The increase is down to the introduction of a Long Term Incentive Plan (LTIP), which was first approved in 2016.

The award is based 75% on turnover and 25% on underlying earnings.

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In the period since it was granted, turnover growth was 301% and earnings growth was 332%, exceeding the maximum target.

Due to the rapid rise in Fever-Tree’s share price, Mr Warrillow will therefore receive more than £3 million under the scheme in addition to his basic salary and bonus.

Chief financial officer Andrew Branchflower, meanwhile, will take home £1.92 million following the vesting of the awards at the end of May.

It follows a year in which Fever-Tree posted a pre-tax profit rise of 34% to £75.6 million in 2018, while revenue jumped 40% to £237.4 million.

The company said it was boosted by last summer’s heatwave, as well as the World Cup and the marriage of Prince Harry to Meghan Markle.

Fever-Tree financials
Fever-Tree co-founder Charles Rolls (Oliver Dixon/PA)

More gin was sold during the three months of the summer in 2018 than the summers of 2014 and 2015 combined, the firm added, with the category now worth £1.9 billion in the UK.

Mr Warrillow founded Fever-Tree in 2003 with Charles Rolls. Last year the two founders sold a combined three million shares, raising a total of £103.5 million.

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