Distil PLC Joint Venture & Collaboration -- Update (1213I)
March 31 2020 - 2:00AM
UK Regulatory
TIDMDIS
RNS Number : 1213I
Distil PLC
31 March 2020
Distil plc
("Distil" or the " Group ")
Joint Venture & Collaboration - Update
Distil (AIM: DIS), owner of premium drinks brands; RedLeg Spiced
Rum, Blackwoods Gin and Vodka, Blavod Black Vodka, Jago's Cream
Liqueur and Diva Vodka, announces the termination of its joint
venture agreement with British Honey Company ("BHC"), with
immediate effect.
This agreement, made prior to the UK outbreak of Covid-19, was
designed to allow our teams to jointly create a shared new product.
As it was only formed in February this year, development work is at
an early stage with relatively little cost incurred. We have
therefore agreed with BHC to cancel this contract with immediate
effect and both companies will extract their funds to focus on our
individual opportunities and priorities.
Distil will continue to prepare exciting new brands and liquids
in anticipation of the wider market reopening at a later date.
These new brands will now be wholly owned by Distil.
The impact of Covid-19 has led to the closure of pubs, bars and
restaurants and increased demand from the retail sector, both
through stores and online. We are focusing our immediate efforts on
working with our distributors and production partners to supply a
changing demand landscape across trade channels. Our distributors
are doing an excellent job of trying to rebalance stock between the
pubs and retail.
Our aim is to support our on-trade customers by reducing their
inventories while satisfying increased levels of supply to the
retail sector.
As our financial year ending 31 March draws to a close, we are
able to confirm we remain in line with market expectations
following a strong Q4. We plan to provide the market with an early
update as soon as we have our unaudited headline numbers available
in early April.
In line with government guidelines Distil staff are working from
home - with full remote access to central systems and files. The
team has responded exceptionally well during this busy time and,
like many companies, we are learning to adapt to video conferencing
and revised ways of working.
Our mid term marketing preparation is focused on supporting our
broad customer base for when they are able to return to some form
of 'normality' but we are equally excited by the fresh
opportunities that will naturally arise as consumer habits and
trade structures shift.
We will therefore continue to prepare exciting new marketing
programmes, line extensions and new to world brands. In support of
this, I am delighted to announce the appointment of Sarah Kingsbury
to the role of Distil Marketing Manager. Sarah has over 10 years'
experience in the drinks industry ranging from bartending, drinks
journalism and PR. She has worked across both global and challenger
brands on a range of PR, marketing campaigns and events, and is
also a regular presenter of Channel 4's Sunday Brunch drinks
segment.
For further information please contact:
Distil plc
Don Goulding Executive Chairman Tel: +44 207 352 2096
Shan Claydon, Finance Director
----------------------
SPARK Advisory Partners Limited
(NOMAD)
----------------------
Neil Baldwin Tel +44 203 368 3550
Mark Brady
----------------------
Turner Pope Investments (TPI)
Limited (Broker)
----------------------
Andy Thacker Tel +44 203 357 0050
Zoe Alexander
----------------------
About Distil
Distil Plc is quoted on the AIM market of the London Stock
Exchange. It owns drinks brands in a number of sectors of the
alcoholic drinks market. These include premium spiced rum, vodka,
gin, vodka vanilla cream liqueur and are called RedLeg Spiced Rum,
Blackwoods Vintage Gin, Blackwoods Vodka, Blavod Original Black
Vodka, Diva Vodka and Jago's Vanilla Cream Liqueur.
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END
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