By John McCarthy

Diageo has generated substantial revenue from the sale of its UK and US wine businesses to Australia’s Treasury Wine Estates (TWE).

The drinks giant has sold its UK-based Chateau and Estate Wines and US Percy Fox to TWE for $552m (£360.8m). Included in the deal is Blossom Hill, the UK’s favourite wine – according to sales volumes and value.

Ivan Menezes, chief executive of Diageo, said: “Diageo’s strategy is to drive stronger, sustained performance through focus on our core portfolio and today’s announcement is another element of that strategy in action. Wine is no longer core to Diageo and this sale gives Read full story ›

Source: The Drum