Diageo is understood to be in the very early stages of exploring the sale of summer beverage staple Pimm’s.
According to Sky News, the drinks giant has hired bankers at Rothschild to explore the potential sale of a trio of non-core brands, including Pimm’s.
However, one insider told the publication that the process may not lead to the sale of the Pimm’s business, with Diageo only currently exploring the option.
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Industry sources expect that other drinks companies and financial investors could have interest in the brand.
Diageo is also exploring the sale of fruit liqueur brand Safari and rum brand Pampero, and it is not yet known if the company would consider selling the brands together or separately.
It comes as Diageo is on the hunt for a new chairman to succeed Javier Ferran, as it attempts to reverse a slowdown in sales.
The company has suffered a turbulent few months leading to the drinks giant issuing a profit warning in November and rumours that it is seeking to sell it’s beer brands as profit hit a three-year low.
In January, the Guinness owner announced it was set to cease direct supply to wholesalers not meeting its minimum order criteria.
Diageo has declined to comment
