According to information obtained by News, Diageo, which has been facing increasing pressure from investors following a decline in sales, has abandoned an auction process that was set to begin early this year.
Pimm’s, the archetypal English drink brand, was one of several brands it was looking at selling, along with rum brand Pampero and fruit liqueur Safari.
The investment bank Rothschild was brought in to gauge interest in a prospective purchase.
On Thursday, it was unclear exactly why a transaction could not be agreed upon.
As part of the partnership between Grand Metropolitan and Guinness plc that resulted in the creation of Diageo, Pimm’s was acquired in 1997.
Famous for its slogan, “Anyone for Pimm’s,” which has gained more momentum due to the company’s association with the Wimbledon tennis tournament, the beverage is mostly meant for consumption at home.
James Pimm, according to Diageo, “blended his famous No. 1 Cup—a secret recipe of gin, herbs, and liqueur—as an aid for digesting oysters in his London oyster bar” and produced Pimm’s in London in 1840.
