Diageo is selling its historic Croft port and sherry business as part of a deal worth euro 82.5 million, the drinks giant said today.
The brand has been owned by Diageo or one of Diageo's predecessors since 1911 when it became part of Gilbey Vintners.
Diageo will also offload its Delaforce port and sherry business as part of the deal, which is with a Portuguese and Spanish consortium. The disposals come as Diageo seeks to focus on its premium brands, including Smirnoff, Johnnie Walker, Guinness and Baileys.
A Diageo spokeswoman said: "Croft and Delaforce do not fit within our portfolio. They are great brands which can grow and develop".
The deal will see Spanish-based Gonzalez Byass acquire the Croft sherry business and ownership of the company's interests in Spain.
Diageo, which will retain the right to market Croft Brandy, said its staff in Portugal and Spain will transfer to the new owners.
PA