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“We are fully committed to the Fentimans brand, its heritage and its future growth,” AG Barr insisted.
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"The site had become underutilised, and we consolidated operations accordingly," the business said.
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Revenue in the group's Europe segment shrank 2.5% compared to 2024, "which was below plan", Asahi said in an update.
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The recent funding round included participation from existing investors alongside new backers Lotus and Lifted Ventures.
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Some in the City were impatient for more but Sir Dave Lewis’s first public comments underlined the challenges facing Diageo.
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"We believe that elevated inventory levels will continue to pressure our brown goods business in the near-term," CEO Julie Francis said.
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The move was announced as part of broader plans to shake-up the group's UK and Ireland business.
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The Australian business has also entered a co-manufacturing deal with Fair Dinkum Foods.
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