This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-38344235
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Gin distiller Sipsmith bought by Beam Suntory | Gin distiller Sipsmith bought by Beam Suntory |
| (about 9 hours later) | |
| Japanese spirits conglomerate Beam Suntory is to buy the London craft gin distiller Sipsmith. | |
| Beam - which also owns the Jim Beam and Maker's Mark bourbon brands - will pay an undisclosed sum for the company as it aims to cash in on the rising demand for artisan spirits. | Beam - which also owns the Jim Beam and Maker's Mark bourbon brands - will pay an undisclosed sum for the company as it aims to cash in on the rising demand for artisan spirits. |
| Sipsmith is one of hundreds of craft distillers to have set up in the UK in recent years. | Sipsmith is one of hundreds of craft distillers to have set up in the UK in recent years. |
| It said it would work with Beam to boost its exports. | It said it would work with Beam to boost its exports. |
| Sam Galsworthy, a Sipsmith co-founder, said the firm would continue to control its brand and operate out of its Chiswick distillery. | Sam Galsworthy, a Sipsmith co-founder, said the firm would continue to control its brand and operate out of its Chiswick distillery. |
| "Nothing's going to change about the way we make it, but they are going to take us internationally in a way that we haven't been able to achieve so far," he told the BBC. | "Nothing's going to change about the way we make it, but they are going to take us internationally in a way that we haven't been able to achieve so far," he told the BBC. |
| "They have given us reassurances they don't want to jeopardise this brand we have built," he added. | "They have given us reassurances they don't want to jeopardise this brand we have built," he added. |
| Started in 2009, Sipsmith claims to have pioneered a resurgence in gin brewing in London, which was historically an international centre for producing the spirit. | Started in 2009, Sipsmith claims to have pioneered a resurgence in gin brewing in London, which was historically an international centre for producing the spirit. |
| The firm says it founded the city's first copper distillery for nearly 200 years, and all of its spirits are made by hand and in small batches. | The firm says it founded the city's first copper distillery for nearly 200 years, and all of its spirits are made by hand and in small batches. |
| These include varieties such as London Dry Gin, Sloe Gin and V.J.O.P (Very Junipery Over Proof) Gin. | These include varieties such as London Dry Gin, Sloe Gin and V.J.O.P (Very Junipery Over Proof) Gin. |
| Beam, which is the third largest spirits company in the world, is the latest company to try to cash in on the rising demand for craft spirits and beer. | Beam, which is the third largest spirits company in the world, is the latest company to try to cash in on the rising demand for craft spirits and beer. |
| Under the deal, it aims to sell Sipsmith in markets around the world alongside its other brands, which include Yamazaki whisky, Laphroaig Scotch and Courvoisier cognac. | Under the deal, it aims to sell Sipsmith in markets around the world alongside its other brands, which include Yamazaki whisky, Laphroaig Scotch and Courvoisier cognac. |
| This would include markets where Sipsmith is already sold - such as North America, pockets of Europe and Asia - as well as new ones such as South and Central America. | This would include markets where Sipsmith is already sold - such as North America, pockets of Europe and Asia - as well as new ones such as South and Central America. |
| More than two-thirds of Sipsmith's sales are currently within the UK. | More than two-thirds of Sipsmith's sales are currently within the UK. |
| Sales of gin have grown in recent years, surpassing £1bn in the UK for the first time in 2016, according to the Wine and Spirit Trade Association. | Sales of gin have grown in recent years, surpassing £1bn in the UK for the first time in 2016, according to the Wine and Spirit Trade Association. |
| Experts say the rise of craft distilleries has helped to fuel the trend, with their emphasis on local ingredients and artisan techniques. | Experts say the rise of craft distilleries has helped to fuel the trend, with their emphasis on local ingredients and artisan techniques. |
| Growing market | Growing market |
| This has attracted a younger demographic to the spirit, which has long been been favoured by the over-40s. | This has attracted a younger demographic to the spirit, which has long been been favoured by the over-40s. |
| "Eight years ago I couldn't get a distributor, so I had to distribute Sipsmith around London on the back of my scooter," Mr Galsworthy said. | "Eight years ago I couldn't get a distributor, so I had to distribute Sipsmith around London on the back of my scooter," Mr Galsworthy said. |
| "Gin suffered a reputational problem - one's grandparents drank it and vodka was much more popular - but that's changed." | "Gin suffered a reputational problem - one's grandparents drank it and vodka was much more popular - but that's changed." |
| He also said he was not concerned a sale to a major conglomerate would harm the the brand's credibility, | He also said he was not concerned a sale to a major conglomerate would harm the the brand's credibility, |
| "We don't think people will knee-jerk about this - we made a lot of sacrifices, quit our jobs, sold our flats to make this happen. | "We don't think people will knee-jerk about this - we made a lot of sacrifices, quit our jobs, sold our flats to make this happen. |
| "And importantly we are not going to change the quality of the gin a single jot." | "And importantly we are not going to change the quality of the gin a single jot." |