US: Drinks Americas raises fresh finance

By just-drinks.com editorial team | 6 April 2009

Drinks Americas has signed a deal with Premier Trade Solutions that will secure the drinks group an extra US$10m in working capital, it has said.

Announcing the deal today (6 April), Drinks Americas said that the trade resource provider will provide the funds "through purchase order and receivable financing".

J Patrick Kenny, chairman and CEO of Drinks Americas, said: "The working capital we receive through this agreement strengthens our ability to maintain inventories, increase production, and ensure that our award-winning products quickly reach the market.

"In anticipation of our new product launches and the continued growth of our business, this is a very important step."

In December, Drinks Americas reported that net sales fell to US$1.7m for the six months ended 31 October 2008, compared to $2.8m for the same period last year.

Sectors: Spirits

Companies: Drinks Americas