The Courier & Advertiser (Fife Edition)
Famous Grouse hub to shut with distillery sale
Perthshire whisky visitor attraction to close as sale decision by drinks giant severs last link with region
Tourism in Perthshire has been dealt a blow after drinks giant Edrington revealed plans to close the hugely popular Famous Grouse Experience.
The visitor attraction – which welcomes tens of thousands of visitors each year – is based at Crieff-based Glenturret Distillery, which is being put up for sale by the spirits producer.
Edrington is, however, holding on to the Famous Grouse brand as part of its premium whisky portfolio, a decision that means the visitor centre at Glenturret will close in its current form.
Around 30 staff at Glenturret are impacted by the sale, although Edrington is hoping to protect jobs by finding a buyer who will continue to operate the site as a working distillery and visitor experience showcasing the Glenturret malt.
The move comes two years after Edrington announced plans to switch its Perth-based management office to a new consolidated headquarters building in Glasgow.
The sale severs Edrington’s last physical tie to the region, although the company may well continue to be a customer of Glenturret in future because the malt is a key constituent of the Famous Grouse blend.
Edrington chief executive Ian Curle said the proposed sale of Glenturret and Cutty Sark would allow it to increase its focus and investment in its premium brand portfolio which includes the Famous Grouse, the Macallan, High- land Park, the Glenrothes and rum-brand Brugal.
“Premium spirits is the fastest growing area of the spirits market,” Mr Curle said.
“Focusing our resources and investment on the brands best equipped to compete powerfully will help Edrington to capitalise on the long term prospects from premium spirits.”
The sale process for both brands will start over the summer and Edrington said it expected a “high level of interest” from prospective purchasers.
It said it expected all 31 staff at Glenturret – who were informed of the decision to sell this week – would move to work with the new owner and there would be no redundancies.
The decision to sell-off Glenturret and sister whisky brand Cutty Sark – a blend Edrington has owned since 2010 – was revealed as Edrington published its financial results for the year to March 31.
The figures show group-wide revenues rose by 7% to £706.7 million in the year and pre-tax profits were 3% higher at £194.7m.
Base line profits came in 5% lower than in 2017 at £86.6m, due to a one-off tax credit in the prior year.
Investors were also given a mid-term update on how the group’s 2020 transformation strategy is progressing.
Mr Curle added: “Scotch whisky is a robust and successful industry but it does face increasing competition from other authentic spirit categories leading to the 400+ trade barriers faced currently.
“Against this backdrop we want our governments to create a climate where economic development and growth is actively encouraged and rewarded.
“Despite ongoing geopolitical uncertainty we are confident about the medium and long term prospects for the business and will continue to invest in our people, brands, and processes.”
Scotch whisky is a robust and successful industry but it does face increasing competition. IAN CURLE OF EDRINGTON