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Edrington puts Cutty Sark and Glenturret brands up for sale

DBR Staff Writer Published 25 June 2018

Scottish privately owned international spirits firm Edrington has announced plans to put its Cutty Sark and Glenturret brands up for sale.

The company said that the proposals will allow better focus and investment to support the long-term growth of its premium portfolio including The Macallan, The Famous Grouse, Highland Park, The Glenrothes, and Brugal Rum.

Edrington chief executive Ian Curle said: “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.”

The news was revealed in the company’s financial results for the year eneded 31 March 2018. Edrington reported core revenue of £706.7m, which was a 7% increase compared to last year.

The company’s profit has however fell 5% to £86.6m due to an one off tax credit in the prior year.

The sale process will start in this summer and it may not result in any redundencies, but 31 employees at the Glenturret in Crieff, Perthshire will transfer to a new owner.

Edrington has owned Cutty Sark Blended Scotch Whisky brand since 2010, which enjoys a better position in Spain, Greece and Portugal.

The whisky range Cutty Sark is blended and bottled at Edrington’s Great Western Road facility, accounting for around 10% of volume output at the site.

Edrington managing director group operations Graham Hutcheon stated that the impact can be managed over time.

Hutcheon said: “Our intention is to offer blending and bottling facilities to a new owner. If that should not prove appropriate we do not anticipate any compulsory redundancies and would endeavour to redirect our people to the dynamic premium developments at Great Western Road.”

The Glenturret is Scotland’s oldest Single Malt Scotch Whisky distillery and the site includes the visitor centre for The Famous Grouse.

Image: Edrington CEO Ian Curle. Photo: Courtesy of Edrington.