Servant passing round company wine (5)
I believe the answer is:
macon
'wine' is the definition.
(macon is a kind of wine)
'servant passing round company' is the wordplay.
'servant' becomes 'man' (man is a kind of servant).
'passing round' means one lot of letters goes inside another.
'company' becomes 'co' (abbreviation).
'man' going around 'co' is 'MACON'.
(Other definitions for macon that I've seen before include "Burgundian wine" , "French wine region" , "Dry white Burgundy wine" , "A heavy Burgundy" , "Drink" .)