Whyte & Mackay''s inventory valued at £350-£400 million: Mallya
17 May 2007
Vijay
Mallya, chairman, UB Goup, said Whyte & Mackay''s
inventory is valued at £350 to £400 million
pounds. He also said that the acquisition of the Scottish
distiller will not result in any job losses and that
the company would invest more in Scotland and that scaleability
would be a major advantage for the group.The UB Group had on Tuesday acquired Whyte & Mackay for an enterprise value of £550 million. The deal is valued at 3.3 times FY08 and three times FY09.
The Scottish distiller has debts of Rs1,250 crore and had posted a loss of Rs29 crore in FY05. Its FYO6 profits were 22 million pounds.
Mallya
had offered to buy the company for $360-$400 million
in October 2006.
United
Spirits has received shareholders'' approval to borrow
a maximum of Rs10,000 crore.
Whyte & Mackay''s brands include Whyte & Mackay
blended scotch, Isle of Jura and Dalmore single malts.
The company has a 9 per cent market share in the Scotch
whiskey segment.
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