Latest news with #NakedMalt
The Herald Scotland
3 days ago
- Business
- The Herald Scotland
The Macallan Scotch whisky owner flags 'hostile' environment
And Edrington highlighted the fact its 'core contribution' measure of profits in the year to March 31 was, in spite of a 28% fall during the period, still 38% ahead of pre-pandemic levels. Edrington, which this week completed the sale of The Famous Grouse and Naked Malt brands to William Grant & Sons, reported a 26% fall in pre-tax profits before exceptional items to £274.4m for the year to March 31. Core revenue fell by 10% to £912m, with the group flagging a 'challenging economic environment' and reduced consumer demand in international markets. Edrington said: 'After a period of industry-leading growth, during which the business has grown significantly, this has been a period in which Edrington experienced the full-year impact of reduced consumer demand.' Read more The Scotch Whisky Association reported in February that the overall value of Scotch exports fell by 3.7% to £5.4 billion in 2024. And it observed then that global trading conditions remained 'turbulent' at the beginning of 2025. Edrington said today: 'The decline in sales was broadly consistent across international markets, with exceptions including a resilient performance by Brugal rum in the Dominican Republic and The Macallan in South Korea and Japan. The Macallan 12, 15 and 18-year-old expressions continued to grow in China and the company saw high consumer demand for products launched to celebrate The Macallan's 200th anniversary.' Edrington flagged increased production and employment costs in the context of the 28% fall in core contribution to £291.4m in the year to March 31. Core contribution is defined by Edrington as profits from its branded sales and distribution after the deduction of overheads on a constant-currency basis. Edrington, which also owns The Glenrothes single malt, observed: 'Core contribution was 38% ahead of pre-pandemic levels.' Scott McCroskie, chief executive of Edrington, said: 'After several years of unprecedented growth for premium spirits and industry-leading results posted by Edrington, the business felt the full effect of the global economic downturn during the year. 'Our focus on ultra-premium spirits has driven Edrington's growth in recent years and we have continued to execute our strategy despite the hostile trading environment. This includes further strategic investments in our sherry cask supply chain and in reducing our carbon footprint.' Edrington's principal shareholder is The Robertson Trust, which has donated £396m to charitable causes in Scotland since 1961. Noting Edrington's completion of its sale of The Famous Grouse and Naked Malt brands to William Grant & Sons on July 1, Mr McCroskie declared: 'This reflects our choice to focus on the premium end of the market, where we are best placed to compete.' He added: 'Looking ahead, the political and economic backdrop remains volatile, which we expect will continue to weigh on consumer sentiment in the coming year. We believe top-line growth will be difficult to come by in this environment, although adjustments to overheads and brand investment are expected to align net sales and core contribution more closely next year. 'Edrington's strategic focus on ultra-premium spirits remains effective. We will continue to execute it to strengthen our brands and our business for the long-term benefit of our investors, our employees, and those who benefit from our own and our principal shareholder's charitable activities.' Edrington employs more than 3,000 people in its wholly owned and joint venture companies, with over half employed outside the UK. It distributes its brands to more than 100 countries.
Forbes
4 days ago
- Business
- Forbes
Glenfiddich Owners William Grant & Sons Acquire Famous Grouse
The iconic Scotch whisky brand - Scotland's bestselling whisky - has now been acquired by family ... More firm William Grant & Sons. Following a number of regulatory approvals including from the UK Competition & Markets Authority, Scotch whisky titans and family firm William Grant & Sons has officially acquired two well-known whisky brands—The Famous Grouse and Naked Malt. Though for months the acquisition was an open secret within the industry, it was officially announced today (July 1st) and marks a significant addition to the company's iconic stable of Scotch whisky brands and distilleries which includes names like Glenfiddich, Balvenie, Monkey Shoulder, and many more. The purchase sees the brands transferred from previous owners Edrington, who own the Macallan and Highland Park distilleries, amongst others. According to The Northern Scot, Edrington had announced the agreement last year in September, as the company wanting to focus further on 'ultra-premium spirits'. William Grant & Sons' addition of Famous Grouse and Naked Malt further strengthens its offering in the Scotch blends where Famous Grouse has long been a leader—it's the bestselling whisky in Scotland. Soren Hagh, the recently appointed chief executive of William Grant & Sons, expressed his enthusiasm for the acquisition in the official press announcement: 'I am delighted to complete this acquisition and welcome The Famous Grouse into our portfolio. It is a remarkable Scottish brand with rich history and a strong market position in a number of countries. Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.' The deal concludes several months of negotiation and transition planning between William Grant & Sons and Edrington, the Glasgow-based company that had owned Famous Grouse since the 19th century. While Edrington has been shifting focus toward premium single malts like The Macallan and Highland Park, Famous Grouse had remained a key revenue generator in its portfolio. According to industry coverage the acquisition includes both the brands and their associated inventory (including spinoff brands such as Famous Grouse Smoky Black, Sherry Cask Finish, and others) are now fully under WG&S control, though exact production arrangements haven't been revealed. It's likely that existing contracts and bottling facilities will stay in place for now. First launched in 1896, Famous Grouse is the creation of grocer Matthew Gloag III from Perthshire and has been Scotland's bestselling whisky since 1980. It also holds a Royal Warrant, which was renewed by King Charles III in December 2024, and exports to over 100 countries. Naked Malt was first launched as the Naked Grouse in 2011 before becoming a standalone brand in 2017 and then renamed in 2021. This one is a blended malt whisky aged in first-fill sherry casks that's proven to be a particular hit in Asian markets. With the acquisition of both brands, William Grant & Sons strengthens its hand in the blended market - this is particularly interesting as so many other whisky companies, such as Edrington, focus on going premium these days. In any case, consumers won't see any significant changes for the moment with the shift in ownership, but it will certainly be interesting to see what comes next for such an iconic whisky brand like Famous Grouse.
The Herald Scotland
4 days ago
- Business
- The Herald Scotland
Billionaire drinks family acquires historic whisky brand
William Grant & Sons has hailed the double acquisition of The Famous Grouse and Naked Malt brands from The 1887 Company, part of Glasgow-based Edrington. The North Lanarkshire-based buyer said: 'This historic moment for WG&S demonstrates the company's commitment to the global Scotch whisky category and confidence in the future of the wider spirits industry.' The Famous Grouse and Naked Malt join WG&S' portfolio alongside Glenfiddich, The Balvenie, Hendrick's Gin and Monkey Shoulder. The firm added: 'The Famous Grouse is Scotland's best-selling whisky and one of the top-selling Scotch whisky brands worldwide, renowned for its quality and heritage, while Naked Malt has garnered a loyal following among whisky enthusiasts and has significant growth potential within the blended malt segment.' READ MORE: Blockbuster sale of famous Scotch whisky brand gets green light Famous 'much-loved' Scotch whisky brand being sold Søren Hagh, WG&S chief executive, said: 'I am delighted to complete this acquisition and welcome The Famous Grouse into our portfolio. It is a remarkable Scottish brand with rich history and a strong market position in a number of countries. 'Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.' The firm also said: 'A dedicated team is in place to ensure a smooth transition from The 1887 Company, and continuity for customers and consumers of these much-loved brands.' William Grant & Sons is a sixth-generation distiller founded by William Grant in 1887. The Famous Grouse was founded by Matthew Gloag, who started blending whisky in the 1890s, and was launched officially in 1897 'as a reward to be enjoyed after a day in the Scottish countryside among friends'. The value of the sale was not disclosed. US oil giant Chevron set to close office in Scotland US oil giant Chevron is to close its office in Aberdeen, as it leaves the North Sea after more than 50 years.
The National
4 days ago
- Business
- The National
Scotch whisky giant announces acquisition of The Famous Grouse
William Grant & Sons, who produce Glenfiddich as well as the best-selling blended whisky which bears the family name, said on Tuesday that they had added The Famous Grouse blended whisky to their portfolio. William Grant & Sons also purchased the Naked Malt brand from The 1887 Company. It comes after the UK Competition and Markets Authority cleared the sale in March. Announcing the acquisition, William Grant & Sons said it demonstrates 'the company's commitment to the global Scotch whisky category and confidence in the future of the wider spirits industry'. READ MORE: 200-year-old Highland distillery's whisky available first time in US William Grant & Sons also produce The Balvenie single malt whisky, Monkey Shoulder blended whisky, Sailor Jerry spiced rum, and Hendrick's Gin. The firm said that The Famous Grouse is Scotland's best-selling whisky and one of the top-selling Scotch whisky brands worldwide, while Naked Malt has 'garnered a loyal following among whisky enthusiasts and has significant growth potential within the blended malt segment'. Soren Hagh, the chief executive officer of William Grant & Sons, said: 'I am delighted to complete this acquisition and welcome The Famous Grouse into our portfolio. 'It is a remarkable Scottish brand with rich history and a strong market position in a number of countries. 'Over the coming years, we will build on this strong foundation and work to evolve the brand into a true global icon. 'We also see a lot of potential in Naked Malt, which will be a great addition to our portfolio. 'Together, these brands perfectly complement our vision for growth, and we look forward to investing in their future and sharing their stories with whisky lovers around the world.'
