More than two-thirds of the loss was the result of a one-off restructuring charge following the transfer of its vatting, blending and bottling operations to Glenmorangie’s facility at Broxburn, West Lothian. The costs included £1.1m in redundancy payments. Two of the company’s directors resigned during the year. Drambuie said last year that its joint venture with Glenmorangie would save it £1m by the end of the third year in operation and a company spokesman confirmed to Just-drinks that it remained on track to achieve that objective. In 2001, Drambuie’s group borrowings totalled £26m.
UK: Losses at Drambuie spark takeover talk
The privately owned liqueur producer, Drambuie, has posted record losses for the year to the end of June 2001. According to its recently filed accounts, the Edinburgh-based company recorded pre-tax losses of £3.3m (€5.2m) for the year to the end of June, against a profit of £443,000 in the previous year. Turnover rose marginally to £30m.
July 23, 2002