CANADA: Vincor keen to get "back to basics"
Vincor International has said it is keen to get "back to basics" following its defeat of a hostile takeover approach from Constellation Brands last month.
Vincor's senior management will spend this month meeting with large investors to outline their plans for the Canadian wine producer, which has seen the grape glut in Australia and fierce competition in the UK hit sales.
However, a Vincor spokesperson told just-drinks today (9 January) that the company had seen signs of a turnaround in the UK, where it owns importer Western Wines, owner of South African brand Kumala.
"They have seen some signs of recovery in the UK, which had been an area of softness at the time of the last results," she said.
Vincor had held talks with at least five other potential bidders for the company at the time of the Constellation approach. However, the spokesperson refused to comment on the negotiations or whether they were still ongoing, saying only that Vincor was "pleased" with the interest shown in the company.
She added: "The company is now focusing on getting back to basics and the business of selling wine."
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