Scotland’s ‘oldest’ distillery is for sale
The Edrington Group, owner of whisky brands including The Macallan, Glenmorangie and Highl;and Park has put the Glenturret malt distillery and the Cutty Sark brand up for sale.
Glenturret claims to be Scotland’s oldest working distillery and Edrington has said that it is going to focus its investments on its single malts and its remaining blended whisky, Famous Grouse.
The news came as the group announced its core revenue for 2017 had increased by seven per cent to £706.7m, with its profits before tax increasing by three per cent to £194.7m.
Edrington chief executive Ian Curle said that the decision to sell 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. Focusing 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 added: “The premium segment of Scotch Whisky and other spirit categories is the fastest growing, reinforcing Edrington’s emphasis on premium brand building.
“While consumer trends are encouraging, the geopolitical context, including Brexit, remains uncertain. Scotch whisky is a robust and successful industry but it does face increasing competition from other authentic spirit categories leading to the 400+ trade barriers faced currently. Against this backdrop we want our governments to create a climate where economic development and growth is actively encouraged and rewarded.
“Despite ongoing geopolitical uncertainty we are confident about the medium and long term prospects for the business and will continue to invest in our people, brands, and processes.
“With its premium brand portfolio, proven strategy, and management capability, Edrington remains well-positioned to deliver further growth.”