Even the best scotches remain vulnerable. New markets (Greece, Korea) cannot make up for long-term decline at home and in the US. But there is one startling exception: Highland Distillers, the Famous Grouse people. Last week, in advance of next week's figures, they equity-accounted their 37 per cent stake in the blenders Robertson & Baxter.
'The Grouse' is the only main brand not yet fully exploited outside Britain; and the equity-accounting leaves Highland with the potential to increase its 20 per cent stake in Orpar, the holding company of Remy Martin Group. Even before taking in the R&B stake Highland's gearing was a mere 6 per cent.Reuse content