Diageo Abandons Sale of Pimm’s After Failing to Reach Agreement with Bidders

Diageo has decided to cancel the sale of its iconic summer cocktail brand Pimm’s after failing to reach an agreement with prospective buyers. The decision marks the end of an auction process that began earlier this year, with the alcohol giant enlisting Rothschild investment bank to explore potential sales.

Despite the sale of two other brands, Safari fruit liqueur and Pampero rum, in July, no deal was struck for Pimm’s, a popular summer staple. The failure to sell Pimm’s comes amid a challenging period for Diageo, which reported a 1.4% drop in sales, totaling £15.7bn, in its 2024 half-year results.

The news also adds to Diageo’s turbulent year, with analysts predicting a potential leadership shakeup. There have been concerns raised about CEO Debra Crew’s future, with some investors pushing for new leadership as Diageo’s shares hit a seven-year low in August.