Lakes Distillery has been sold to a wine and spirits group in a £71m deal.
London-based Nyetimber Wines and Spirits Group has acquired the Lake District distillery, at Setmurthy, near Bassenthwaite.
The takeover deal values Lakes Distillery’s share capital at £46.1m.
The deal, first announced in April this year, was finalised on June 18.
The distillery’s directors have resigned from their positions and Nyetimber chief executive Eric Heerema and managing director Hans Sleeuwenhoek have been appointed as directors of The Lakes.
When the takeover was announced, Nyetimber said: “We believe that it is the right long-term partner to support The Lakes’ management team to deliver on its ambitions to become a leading international spirits brand, with the acquisition of The Lakes marking an important next step in Nyetimber’s plan to create a globally relevant, English luxury drinks group.”
Earlier this year, The Lakes Distillery announced a 10-year plan to reach a 1% share of the global luxury dark spirits market by 2030.
James Pennefather, CEO of The Lakes Distillery, said at the time of the deal: “This plan entails an additional funding requirement of £10 million over the next three years to provide the necessary growth capital to increase production capacity, to further invest in laying down maturing spirit stocks and to grow the brand’s footprint in four international markets.
The Lakes Distillery was set up in 2011 and started operations in December 2014. The 11-acre site includes a distillery, visitor centre, shop and bistro.
