A Gloucestershire-based company that makes £8 million a year manufacturing and distributing soft drinks has been bought by its management.

Woodchester Enterprises, which trades as Bottlegreen, has been taken over by three of its directors after Kit and Shireen Morris decided to exit the business they established almost 20 years ago.

The buy-out was led by managing director Simon Speers, who was supported by finance director Nick Clay and head of operations Paul Martin. Former Britvic managing director Stephen Davies joins as chairman.

The financial terms of the deal have not been disclosed, but the management team completed the transaction after Piper Private Equity invested £5 million with debt provided by HSBC Leveraged Finance.

Part of Piper’s funding will be used to expand Bottlegreen’s product range and to broaden its distribution operations.

Bottlegreen, which is based in Frogmarch Mill near Stroud, manufactures cordials and a range of natural, healthy soft drinks under the Bottlegreen, Duchy of Cornwall, Bon Grape and Blossom Cottage brands. Its products are sold across the UK by retailers such as Waitrose, Tesco and Sainsbury.