Financially troubled Marie Brizard Wine & Spirits said it agreed to sell the Porto Pitters brand along with its related business.
In accordance with the guarantees it gave to the French Anti-Trust Authority, Marie Brizard Wine & Spirits has entered into an agreement to sell Porto Pitters. Under this agreement, the trademark is being acquired by IDL (International Drinks Limited) while production, distribution and quality control will be taken on by QVB (Quinta & Vineyard Bottlers). Both companies are owned by the Portuguese group, The Fladgate Partnership.
The impact on the Group is not significant, as Porto Pitters accounted for just 0.4% of the Group’s net sales in 2018.
The completion of this transaction is subject to the final approval of the French Anti-Trust Authority.