Irish drinks group C&C has acquired Scottish wholesaler Wallaces Express outright after buying the remaining 50 per cent share it didn't already own.

Wallaces Express is the largest independent wine and spirits wholesaler in Scotland, supplying alcoholic and soft drinks, snacks and glassware to the licensed trade across the country. C&C acquired its initial 50 per cent holding in the company in March last year.

Established as a retailer in Ayr in 1875, Wallaces Express evolved into a drinks wholesaler in the 1980s. The business now employs 296 staff across six distribution depots.

The acquisition forms part of C&C’s strategy to develop a multi-beverage operating model in Scotland, similar to the one it has created in Ireland following the purchase of the Gleeson Group last year.

Managing director of C&C’s Tennent Caledonian Breweries (TCB) John Gilligan said the acquisition would “provide… customers with a one stop shop for all their alcoholic and soft drinks needs” in Scotland.

“We plan to grow the business further, finding more opportunities for cross-selling to our customers, particularly in wines and spirits and soft drinks,” he said.

Under the deal, Wallaces Express will be rebranded as Wallaces TCB.

Managing director of Wallaces Express Brian Calder said the deal was a positive step for their staff and customers.

“We look forward to continuing to provide an unbeatable service to our customers as part of C&C Group,” he said.

Despite challenging market conditions, C&C said trading in Scotland and Ireland, its two core markets, had been “resilient” last year. The two countries account for around 63 per cent of the group’s earnings before interest and taxes (EBIT).

C&C will issue its results for the year ended February 28th on May 20th, it was also announced. An interim management statement in January said the company was on target for an operating profit of between €125 million and €132 million, with double-digit operating growth expected.