Edrington looks to sell Cutty Sark and Glenturret as sales rise
Spirits group Edrington '“ behind The Macallan and Famous Grouse names '“ has announced plans to sell two non-core brands as it unveiled a strong rise in sales last year.
The group is looking to dispose of its Cutty Sark rum and Glenturret whisky brands to be able to increase its focus on its key products which also include Highland Park, The Glenrothes and Brugal Rum.
The news came as the Glasgow-based company announced core revenues rose 7 per cent to £706.7 million in the year to 31 March with pre-tax profits rising by 3 per cent to £194.7m.
Edrington said growth in sales had been down to continued heavy investment in its brand portfolio with spending of £125.7m, up 5 per cent on the previous year.
Edrington chief executive Ian Curle said that the proposals to sell Cutty Sark and Glenturret “will enable greater focus and investment to support the long-term growth of the company’s premium portfolio”.
“Premium spirits is the fastest growing area of the spirits market. Focussing our resources and investment on the brands best equipped to compete powerfully will help Edrington to capitalise on the long term prospects from premium spirits,” he said.
The sale process will launch this summer and is not expected to involve any redundancies with all 31 employees at The Glenturret in Crieff expected to transfer to a new owner.
The Glenturret is Scotland’s oldest single malt scotch whisky distillery and the site includes the visitor centre for The Famous Grouse.
The group said its new Macallan distillery and visitor centre, part of an ongoing investment of £500m in the brand, had enjoyed a successful opening month.