Diageo has abandoned the sale of its summer cocktail brand Pimm’s, after failing to reach a deal with potential buyers.

It is understood that the alcohol giant, which has a portfolio of over 200 products, including Guinness, Smirnoff and Baileys, failed to agree to a transaction with any bidders, reported Sky News.

It follows an auction process which kicked off earlier this year after Diageo hired investment bank Rothschild to explore the sale of Pimm’s.

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It was one of three brands it was considering selling, with fruit liqueur brand Safari and rum brand Pampero both since offloaded to separate businesses in July.

The news follows a turbulent year for Diageo, which revealed in its 2024 half year results that it faced another dip in sales of 1.4% to £15.7bn.

Earlier this year, it was identified by analysts as a prime target for a takeover attempt. In August, analysts also warned that CEO Debra Crew could soon be left “fighting to keep her job” as Diageo investors “push for new leadership”, after its shares hit a seven-year low.