BI and Michael Spencer acquire 25% stake in London’s Westmorland Spirits
BI Fine Wine & Spirits (BI) and NEX Group CEO Michael Spencer have acquired a 25% stake in the UK-based Westmorland Spirits.
Also chairman of BI, Michael Spencer acquired his share through private investment group IPGL.
The investment will be used by Westmorland Spirits to further expand its sales, marketing activities, and the development of new products for the premium spirits market.
Westmorland Spirits director Matthew Gilpin said: "This partnership opens up several doors for us in the UK, marketing to wine and spirits connoisseurs, as well as the high-end on trade.
“BI Wines & Spirits already sells the finest wines to the best hotels and bars and we are delighted to join that stable.
“Furthermore, BI’s significant Asia presence will bring our products to a market brimming with interest and potential.
“This transaction and investment by BI and Michael Spencer also opens up the door to expansion of our product range and international marketing efforts as we seek to make Gilpin's even more of an export success story."