Page 42 - Articulate Files

This was a separate drink for a separate market, geared to a

new generation of liqueur drinkers. Sales of the core
product however, had been in steady decline for many

years. Between 1988 and 2007, sales decreased by an

average annual rate of -2.45%, from 560,000 nine-litre cases

to 349,000 cases. In response the company started to sell off
assets.

The MacKinnon brothers, who each held 27% of the
company’s shares, were renowned for their extravagant and

reclusive life styles, finally awoke to their diminishing

revenue base when in the year to June 2001 the company
posted a £3.3 million loss on a group turnover of £150m. In

2001, Drambuie's group borrowings totalled £26m.

B Phil Parnell: Professionalised turnaround

Professionalised turnaround

C Michael Kennedy

Sold