Distell sells venerable wine farms and brands
CEO Richard Rushton says the company has already sold the La Bonheur and Stellenzicht wine farms and brands
Remgro-controlled liquor conglomerate Distell, which airms to double revenue and profits by 2021, is selling long-held wine farms and wine brands as executives look to markedly improve a modest return on assets. Speaking at an investment presentation on results for the year to June on Thursday, CEO Richard Rushton said Distell had already sold the La Bonheur and Stellenzicht wine farms and brands — both formed part of the Lusan premium wine estate. Rushton said the company’s premium wine offering would concentrate on four key brands: Nederburg, Fleur du Cap, Alto and Durbanville Hills. Allersverloren and Plaisir de Merle were likely to be retained. Distell owns an array of best-selling wine brands, including premium brands such as Zonnebloem, Uitkyk and Jacobsdal. Rushton said the honing of the wine portfolio was a significant decision with certain farms and brands enduring a five-decade relationship with Distell. But he was reluctant to divulge further detail on the process: "You c...
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