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Distil forms joint venture with British Honey
19th Feb 2020 09:08
(Sharecast News) - Alcoholic drinks maker Distil has entered into a joint venture and collaboration agreement with British Honey, a distiller and infused spirit brand owner based in the UK.
Distil said on Wednesday that it and British Honey would both be making a ?300,000 contribution towards jointly-producing and marketing a new range of branded botanical spirits and other products.
The AIM-listed group highlighted that all intellectual property rights in newly created brands and recipes would be jointly owned by both parties and future revenues would be shared equally among the pair.
Distil added that initial new brand development work under the joint-venture would commence immediately, likely leading the group to incur additional unbudgeted costs in the current financial year.
As a result, Distil expects full-year profit out-turn for the current financial year to still be ahead of 2019 but marginally below current market expectations.
Chairman Don Goulding said: "The joint venture will facilitate the creation and marketing of exciting new products and will improve Distil's capability to develop and refresh its own brand portfolio.
"This new collaboration brings together complementary capabilities which will benefit both companies and we look forward to communicating our progress in the coming months."
As of 0905 GMT, Distil shares were up 3.03% at 0.85p.
Distil said on Wednesday that it and British Honey would both be making a ?300,000 contribution towards jointly-producing and marketing a new range of branded botanical spirits and other products.
The AIM-listed group highlighted that all intellectual property rights in newly created brands and recipes would be jointly owned by both parties and future revenues would be shared equally among the pair.
Distil added that initial new brand development work under the joint-venture would commence immediately, likely leading the group to incur additional unbudgeted costs in the current financial year.
As a result, Distil expects full-year profit out-turn for the current financial year to still be ahead of 2019 but marginally below current market expectations.
Chairman Don Goulding said: "The joint venture will facilitate the creation and marketing of exciting new products and will improve Distil's capability to develop and refresh its own brand portfolio.
"This new collaboration brings together complementary capabilities which will benefit both companies and we look forward to communicating our progress in the coming months."
As of 0905 GMT, Distil shares were up 3.03% at 0.85p.