(Sharecast News) - Drinks giant Diageo is reportedly exploring the sale of a trio of non-core brands including Pimm's.
According to Sky News, the company has hired bankers at Rothschild to explore whether to sell Pimm's, which it acquired in 1997 as part of the tie-up between Grand Metropolitan and Guinness which led to the formation of Diageo.
The process is at a very early stage, and may not lead to the British-based company offloading the Pimm's business, one insider told Sky on Thursday.
Long-known for its slogan 'Anyone for Pimm's?', buoyed by the brand's association with the Wimbledon tennis championships, the product is predominantly made for domestic consumption.
Pimm's was created in London in 1840 by James Pimm who, according to Diageo, "blended his famous No.1 Cup - a secret recipe of gin, herbs, and liqueur - as an aid for digesting oysters in his London Oyster bar".
The company does not break down sales data by individual brands, but industry sources told Sky that Pimm's was likely to draw interest from other drinks companies as well as financial investors.
It was understood that Diageo is also exploring the sale of Safari, a fruit liqueur, and rum brand Pampero.
It was unclear whether Diageo would countenance selling the brands separately or whether it was only interested in offers for all three.
Diageo (DGE)
