Wed, 29 Feb 2012 | BUSINESS SALE
A 49 per cent stake in Glasgow-based whisky distillery Whyte & Mackay could be placed on the market, as its Indian owner Vijay Mallya sets about clearing his debts.
Mallya’s firm United Spirits Ltd (USL) – which is owned by United Breweries Group - bought Whyte & Mackay for £595 million in 2007. The sale would help to pay off the group’s £2.5 billion of debts.
The sale is one of many options that can be used to reduce the debts. The firm told the Bombay stock exchange in a statement that it has not made yet a decision.
The statement followed a media report in India, with a quote from UB Group chief financial officer Ravi Nedungadi saying that “a number of private equity players” had made their interest in the Glaswegian whiskey distillery known.
Founded by James Whyte and Charles Mackay’s in 1844 on the docks of Glasgow, Whyte & Mackay makes several single malt whiskeys including Fettercairn, Dalmore and Jura. It has a malt distillery at Tamnavulin and a large grain plant at Invergordon.
Whyte & Mackay has won several awards over the past few years, which (on the website) it attributes to the skills of its master blender Richard Paterson.
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