William Grant sells off three brands to Italy

Family-owned whisky distiller William Grant today sold off three liqueur brands which it bought alongside Irish whiskey Tullamore Dew three months ago.

Grant paid Magners cider group C&C 300 million (£250 million) but today picked up 129 million selling on Carolans, Frangelico and Irish Mist to Italy's Gruppo Campari.

There will be no job losses in Ireland, Grant said, because it plans to invest in Tullamore Dew and Campari has agreed a 10-year blending and bottling deal on the three drinks.

Chief executive Stella David said Grant planned to make Tullamore a "truly global Irish whiskey brand". Its major brands include single malts Glenfiddich, The Balvenie and blended Scotch Grant's.