Tonic water maker Fever-Tree’s co-founder Charles Rolls on Wednesday said he will step down from the stock market darling that has helped him make more than £240 million.
Rolls will leave his non-executive deputy chairman role on June 4.
The 62-year-old said: “FeverTree deals in a world of best before dates and I am happy to be stepping down before I reach mine.”
He launched London-headquartered Fever-Tree with Tim Warrillow in 2004, and the company has benefited from a surge in customers seeking more premium mixers for gins and whiskies. However, it has recently been hit by pubs closing in lockdown.
It floated at 134p a share in November 2014, and today the shares were 64.5p lower at 1737p. Rolls has made around £241.9 million via three stake sales from May 2017 to August 2018. He still has a 7.06% share in the firm, worth £143 million.
Chief executive Warrillow said: “I will certainly miss working alongside him [Charles], but we have not only built a very strong business partnership over the years, but also a great friendship and I look forward to many more Gin & Tonics together."
