Fever-Tree is making a move on the lucrative the US market by appointing a North American chief executive and setting up a headquarters in the region.
The drink mixer manufacturer said that the establishment of the office, to be headed up by Charles Gibb, will help it tap the “significant opportunity” the US premium mixer sector represents, PA reports.
Gibb, who joined Fever-Tree as global strategy director in August 2017, is a drinks industry veteran.
He has held senior roles at Moet Hennessy, Diageo and Bacardi, while for the past nine years Gibb has served as president and CEO of Belvedere Vodka.
He will hope to replicate the group’s success in the UK, where shares have soared following a string of profit upgrades.
Fever-Tree, which specialises in selling mixers such as ginger beer and Sicilian lemonade, makes over half its annual revenues from outside the UK, with key overseas markets being the US, Spain, and Belgium.
Chief executive Tim Warrillow said: “The North American premium mixer market is still at a relatively early stage but the trend towards spirits premiumisation and the increasing focus on simple long drink mixability is accelerating and represents a significant opportunity for Fever-Tree, as the pioneer of the premium mixers segment.”
As part of the move to establish an office in the US, Fever-Tree has given notice to Brands of Britain, its agent in the country.
In the second quarter of 2018 Fever-Tree will directly manage the current distribution network.
In early morning trading Fever Tree was up marginally 0.62% at 1959.