Edrington has signed an agreement to sell The Glenturret malt whisky distillery and brand to wine company Art & Terroir.
Art & Terroir’s business mainly focuses on the production and distribution of high-end wines. With this acquisition, the company will enter the Scotch whisky and spirits business.
With a history dating back 240 years, Glenturret is Scotland’s oldest working distillery, said Edrington. Based on the banks of the River Turret in Crieff, Perthshire, it has been a popular visitor attraction in the region for 40 years, added the company.
Edrington announced in June that it was seeking a new buyer for the distillery as part of its strategy to invest in its core portfolio of premium spirits.
Edrington Chief Executive Ian Curle said: “When we announced the sale in June, we were clear that we expected that all jobs would be safeguarded and we are pleased that negotiations have settled on a good result for Edrington and Art & Terroir, and one which will protect all our employees at Glenturret. We are pleased to be placing The Glenturret in the hands of Art & Terroir and we know that the distillery will thrive under their management.”
Art & Terroir Managing Director Silvio Denz commented: “We are proud to take ownership of this fine and historic distillery. The Glenturret is the perfect choice as we enter the world of Scotch whisky and we are looking forward to working with the existing team to bring even greater success to this superb single malt and to its beautiful Perthshire surroundings.”
The agreement is expected to be completed in spring 2019. Edrington will provide operational and technical support to Art & Terroir during a transition period.