Diageo: announces acquisition of Chase Distillery
(CercleFinance.com) - British spirits specialist Diageo today announces that it has signed an agreement to acquire Chase Distillery, a distillery founded in 2008 by William Chase, which produces seven gins - including Chase GB Gin - four vodkas - including the award-winning Chase Original Potato Vodka - and an elderberry liqueur.
The spirits produced by Chase Distillery are distilled from potatoes, apples and natural plants grown in the UK on the Chase farm in Herefordshire. The steam used to run the distillery is produced on site from a biomass boiler fuelled by prunings from the apple orchard.
The UK is the largest market for gin in Europe, with an annual growth rate of 17.4% between 2014 and 2019. The sale is expected to be closed in early 2021, subject to regulatory approvals.
However, glasses weren't really raised by investors on this news, with the share down 0.5% in a flat market in London on Monday at noon.
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