Nyetimber Wines and Spirits Group to acquire The Lakes Distillery Company for £71m.

Nyetimber Wines and Spirits Group, a producer of English sparkling wine selling online as well as to iconic international stockists, restaurants & bars, agreed to acquire The Lakes Distillery Company, a retailer of alcoholic products, for £71m. "The Lakes Board is enthusiastic about its ambitious new ten year plan to achieve a 1% share of the global luxury dark spirits market by 2030. This plan entails an additional funding requirement of £10m over the next three years to provide the necessary growth capital to increase production capacity, to further invest in laying down maturing spirit stocks and to grow the brand's footprint in international markets. The offer by Nyetimber offers the prospect of an owner with the same shared strategic vision and crucially, certainty of funding," James Pennefather, The Lakes CEO.