LONDON (Alliance News) - London-based drinks company Distil PLC Thursday said it has identified and agreed terms with two US distributors for its brands Blackwoods, RedLeg and Blavod.
In a statement released ahead of its annual general meeting the company said it has been working on the development of its own brands since the beginning of the new financial year, as well as increasing sales across the UK and global markets.
Distil said it has agreed the terms with two US distributors for the Blackwoods, RedLeg and Blavod brands; no further details of the agreements were disclosed.
"We are currently awaiting approval from the authorities... Our expectation is that approval will be granted by mid August," said Executive Chairman Don Goulding.
The company, which owns the brands Blackwoods gin and vodka, RedLeg spiced rum, Diva vodka and Blavod black vodka, told Alliance News in a recent interview that the biggest problem that it is currently facing is finding US distributors for its two biggest brands Blackwoods and RedLeg spiced rum, as well as a separate distributor for its Blavod vodka.
Goulding told Alliance News that it was delaying plans to launch its new product aimed at the Latin American market until early next year while it focuses on securing distributors for its brands in the US, one of its key markets.
In a statement Thursday, the company confirmed its plans to launch its Diva vodka brand, aimed at the premium and gifting market, in the third quarter.
Distil shares were down 4.9% at 1.07 pence Thursday morning.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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Distil (DIS)