UK-based spirits group Edrington has agreed to divest The Glenturret malt whisky distillery in Crieff, Scotland, to Swiss wine producer Art and Terroir for an undisclosed sum.

In June, Edrington put up the Glenturret distillery and brand for sale so that the group can focus on its core premium spirits portfolio, which includes The Macallan and Highland Park.

The transaction is expected to be closed at the beginning of next year.

The Glenturret distillery has been producing single malt Scotch whisky for over 240 years.

For Art and Terroir, this transaction represents its first foray into the Scotch whisky industry.

It is involved in the production and distribution of premium wines across Europe.

According to Edrington chief executive Ian Curle, this divestment will not lead to any job cuts. The distillery employs 23 people.

“We are looking forward to working with the existing team to bring even greater success to this superb single malt.”

Curle was quoted by BBC as saying: “We are pleased to be placing The Glenturret in the hands of Art and Terroir and we know that the distillery will thrive under their management.”

Art and Terroir managing director Silvio Denz termed Glenturret as a “fine and historic distillery.”

Denz told BBC: “Glenturret is the perfect choice as we enter the world of Scotch whisky and we are looking forward to working with the existing team to bring even greater success to this superb single malt and to its beautiful Perthshire surroundings.”

Six months ago, Edrington also announced its plans to divest its Cutty Sark whisky brand.

French spirits group La Martiniquaise-Bardinet agreed to acquire the brand in November.