UK-based spirits group, Burn Stewart Distillers, has said that it expects the takeover negotiations with CL Financial Ltd, the company which owns the Angostura bitters brand, to be completed within the next few weeks. Burn Stewart confirmed that any takeover offer would be made through CL's non-wholly owned subsidiary, Angostura Ltd.

"CL and Angostura are in the final stages of raising finance to enable an offer to be made and the Board of Burn Stewart expect outstanding matters to reach a conclusion within the next few weeks," the company said in a statement.

Burn Stewart also announced that it was changing its year end from the end of June to the end of December and accordingly published a further interim report for the twelve months to the end of June 2002.

Turnover was up by 13% to £40.4m from £35.7m while operating profit increased by 14% from £2.0m to £2.29m. The company's net loss fell from £1.7m to £0.78m.