Irish Distillers has sold its 33.3 per cent stake in the Dublin based wine and spirit importer, Edward Dillon & Co, to Brown Forman and Bacardi Martini.

The companies have purchased the shares equally and while the value of the transaction is not being disclosed the sum involved is thought to be about £3.5 million.

Both Bacardi Martini and Brown Forman whose brands include Jack Daniels and Southern Comfort are keen to invest in their own distributions.

Irish Distillers, which acquired its stake in Edward Dillon in 1969, has developed its own wine and spirit importer, Fitzgerald & Co, in recent years. Edward Dillon & Co will continue to distribute the Bushmills range of whiskeys.