BLAVOD WINES & SPIRITS PLC ("the Company")
23 SEPTEMBER 2010
COCKSPUR RUM CONTRACT TERMINATION
Further to the announcement made on 13 August 2010, the Company reports that West Indies Rum Distillery, owners of Cockspur Rum, and the Company have agreed, by mutual consent, to terminate the contract between the two parties for the distribution of Cockspur Rum within the UK market.
The alleged breach of contract has been withdrawn, and a final agreement has been reached which includes a financial settlement payable to the Company. This payment will assist in mitigating the foregone contribution from Cockspur Rum over the remainder of the financial year.
The Company will continue to supply Cockspur Rum to all UK customers for a short transitional period. Blavod will announce its future plans regarding participation in the rum category in due course.
John Taylor, Chairman of West Indies Rum Distillery, said "we would like to thank Blavod for their efforts with Cockspur over the last four years and their part in the success leading to the significant growth of the brand within the UK market over that period. Cockspur Rum is now ready to embark on the next stage of its development within the UK."
The Company currently expects to announce its interim results for half year to 30 September 2010 in late November.
Blavod Wines & Spirits PLC
Richard Ambler, Managing Director Tel: 0207 352 2096
Neil Baldwin Tel: 0845 213 4726
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