Last checked at 28 Feb 2014 07:00
Blavod Wines & Spirits PLC
("Blavod" or the "Group")
28 February 2014
Blavod Wines & Spirits plc (AIM:BES), the AIM quoted owner of premium drinks brands, announces that it will no longer be distributing the Mickey Finn brand in the UK on behalf of Babco Europe Limited.
This move is in line with Blavod's business strategy to progressively end its activities distributing third party brands and focus on the development of its own premium brands which include Blavod Original Black Vodka, Blackwoods Vintage Gin, Blackwoods Vodka, Diva Vodka, Jago's Cream liqueur and RedLeg Spiced Rum
In the last financial year ended 31 March 2013, sales net of duty of the Mickey Finn brand amounted to approximately £1,439,000 representing approximately 38% of group sales net of duty, however whilst the contribution to group profits before financing costs was £162,000, a significant portion of the Group's financing costs which totalled £119,000 in the period were incurred as a result of the distribution of this agency brand.
Commenting, Don Goulding, Executive Chairman of Blavod said:
"As we continue to unwind our legacy distribution based business model and concentrate on growing the sales of our owned brands we are now achieving much higher margins on sales and as a result are in a far stronger financial position to develop new products and launch them into the UK and International markets."
We have enjoyed a strong relationship with the brand owner, Babco Europe Limited, and wish them continued success as they develop a new route to market."
For further information please contact:
Blavod Wines and Spirits plc | |
Don Goulding Executive Chairman | Tel: +44 207 352 2096 |
SPARK Advisory Partners Limited (NOMAD) | |
Neil Baldwin Mark Brady | Tel +44 113 366 2266 /2268 |
SI Capital (Broker) | |
Andy Thacker Nick Emerson | Tel +44 1483 413500 |
Cadogan PR | |
Alex Walters | Tel: +44 207 4995002 |
About Blavod
Blavod Wines & Spirits 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 Vodka, premium Gin, Vodka Vanilla Cream Liqueur and Spiced Rum and are called Blavod Original Black Vodka, Blackwoods Vintage Gin, Blackwoods Vodka, Diva Vodka, Jago's Cream liqueur and RedLeg Spiced Rum.
www.blavodwinesandspirits.com
www.blackwoodsgin.co.uk
http://redlegrum.com
http://blavod.com