Nyetimber agrees deal to buy The Lakes Distillery

04 April, 2024

English sparkling wine producer, Nyetimber, has announced an agreement in principle to purchase The Lakes Distillery in a deal worth £71 million.

The deal includes a purchase price of £46.1 million and sees Nyetimber inherit £25.8 million of debt that the Cumbria-based distillery has accumulated.

“The Lakes Board is enthusiastic about its ambitious future plans and the offer by Nyetimber offers the prospect of an owner with the same shared strategic vision and, crucially, certainty of funding,” said The Lakes chief executive James Pennefather.

“By joining the Nyetimber family of companies, The Lakes will benefit, in particular in terms of quality of production, brand marketing and routes to market.

“The Lakes Directors are confident that this will confer significant benefits to The Lakes’ long-term prospects both as a brand and as a company and the Nyetimber offer, which values The Lakes at an enterprise value of approximately £71.m, equivalent to a multiple of 12.2 times net revenues for FY23, represents not only the best way to ensure that The Lakes remains fully funded but also provides fair value for existing shareholders at this stage in The Lakes’ growth journey.”

The Lakes opened in 2012 and now produces single malts, vodka and gin.

In 2020, following a £4.25 million investment from Comhar Capital, the distillery expanded its production installing eight new washbacks.

In 2023, the distillery announced the appointment of the former lead whiskymaker at The Macallan, Sarah Burgess as The Lakes’ whiskymaker.

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