Diageo has offloaded another spirit brand in a bid to “concentrate” on consolidating its portfolio and focus on its “core areas of strength”.

The drinks giant has agreed to the sale of Pampero rum to Italian spirits company Gruppo Montenegro, which has a portfolio that includes popular Italian spirits such as Amaro Montenegro, Select Aperitivo, Vecchia Romagna Brandy and Rosso Antico Vermouth.

It is not the first time the London-listed alcohol company has sold a drinks brand in recent weeks. Earlier this month, it agreed to the sale of fruit liqueur Safari to Portuguese beverage-alcohol company Case Redondo in order to maintain a “sharp focus on effective portfolio management”.

Diageo president for Europe John Kennedy said: “The sale of Pampero demonstrates our disciplined and strategic approach to capital allocation.

“It will allow us to concentrate on our portfolio’s core areas of strength as we accelerate towards our ambition; to be one of the best performing, most trusted and respected consumer products companies in the world.

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“Looking forward, Pampero is well positioned for its next chapter of growth. We are confident that Gruppo Montenegro is the right owner to maintain and build on Pampero’s authenticity and its leading position in Italy and across continental Europe,” added Kennedy.

The latest news follows in the wake of rumours in February that Diageo was beginning to float the idea of selling the two spirit brands.

It is understood that the FMCG has also hired bankers at Rothschild to explore the potential sale of a third brand, Pimm’s, however Diageo has not confirmed if it has made any further progress in the offloading of the British summer staple drink.

Last year the drinks business suffered a challenging few months and issued a profit warning in November amid speculation that it is also seeking to sell its beer brands as profit slumped to a three-year low.

Last week Diageo drew more attention from analysts after it was identified as a prime candidate for a take-over attempt.