Anyone for Pimm’s? Diageo mulls sale of iconic British tipple
Diageo, the FTSE 100 drinks giant, is reportedly mulling the sale of three non-core brands, including summer time favourite Pimm’s.
The alcoholic maker is said to have hired bankers at Rothschild to explore the disposal of the iconic tipple, alongside the sale of Safari, a fruit liqueur, and Pampero, a rum brand.
According to Sky News, which was first to report the development, “the process is at a very early stage, and may not lead to the British-based company offloading the Pimm’s business”.
City PM has contacted both parties for a comment.
Pimm’s, the gin and fruit based concoction, was first produced in 1823 by James Pimm and has been owned by Diageo since 1997.
Its most popular product is Pimm’s No. 1 Cup, commonly used for the Pimm’s cup cocktail. It is also best known for partnering with tennis event Wimbledon.
Rumours of the sale come amid a challenging time for Diageo.
The firm, which also makes Smirnoff vodka and Captain Morgan rum, has had around £29bn wiped off its market cap value over the past year amid a slowdown in trade.
Shares in the firm are now trading at the same level they did five years ago, struggling to keep up with their 2022 peak.