Irish beverages manufacturer and distributor C&C Group has announced a joint plan with global brewer Anheuser-Busch (AB) InBev to acquire subsidiaries of Conviviality Direct, one half of Conviviality’s business.

C&C Group’s statement said that it was participating in discussions to acquire the share capital of Matthew Clark and Bibendum, as well as their subsidiary businesses Catalyst, Peppermint, Elastic and Walker and Wodehouse.

The shares will be bought through a nominal sum and funds will be provided to keep the business, which will be known as Matthew Clark Bibendum, running on a day-to-day basis.

This offer was conditional on Conviviality, which filed for administration last week, appointing administrators, which occurred on 4 April.

C&C Group chief executive Stephen Glancey said: “We know the Matthew Clark and Bibendum businesses very well. They are great businesses with unparalleled on-trade market access, a wide range of supplier relationships and supported by a knowledgeable and loyal employee base.

“The last few weeks have been challenging for employees, customers and suppliers alike. We hope today’s announcement can put an end to this period of disruption and uncertainty.

“We look forward to working with our new colleagues and other stakeholders to bring stability and restore the group’s position as one of the leading and most respected drinks suppliers to the UK hospitality sector.”

Glancey predicted C&C Group’s acquisition of Conviviality Direct would increase the company’s annual earnings within the first year.

AB InBev will provide financial assistance to support C&C Group’s transaction. The brewer is currently a supplier to Conviviality and sought to keep the business afloat by urging shareholders to support the company’s £125m fundraising attempt to prevent it having to suspend trading permanently.

This offer follows interest in Conviviality Direct by Chinese private equity firm ZQ Capital and Molson Coors.

C&C Group’s offer does not include the Retail side of Conviviality’s business, which consists of a franchised off-licence and convenience chain comprised of 370 companies with 700 outlets.

C&C Group’s brand portfolio includes a range of ciders, such as Magners, Bulmers, Blacktrhon and Ye Old English, as well as other drinks, such as Finches sparkling orange, Tipperary mineral water and Tennent’s whisky.

AB InBev’s portfolio consists of a variety of large and small, regional beer brands including Pislen, Budweiser, Corona, Stella Artois, Aguila, Chernigivske, Leffe and Skol.

In December 2016, AB InBev and C&C Group signed a distribution deal that continued an existing arrangement for C&C to distribute AB InBev’s beer portfolio in Ireland and committed AB InBev to distribute C&C’s cider brands in England, Wales, the Channel Islands and the Isle of Man.