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Article: Exclusive: Asset sales wipe out Drambuie's GBP 18.4m debt a year early
- Article from:
- The Scotsman
- Article date:
- March 8, 2006
- Author:
CopyrightCopyright 2006 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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DRAMBUIE, the 100-year old family-owned liqueur group, passed a
key milestone in its restructuring programme this month by wiping out
GBP 18.4 million of debt a year earlier than expected.
The company has been throwing off assets under new chief executive
Phil Parnell - including its GBP 2.9m Edinburgh headquarters.
Parnell, a veteran of Guinness and Diageo, was appointed a year ago
as the group's first ever external chief executive - charged with
reversing a deep-set decline in sales.
In yet-to-be published accounts seen by The Scotsman, Drambuie
reports its debt on 30 June 2005 at GBP 9m. But Parnell said that
following a series of cost cutting measures - including the sale of
the HQ and ...