A LONDON-based winemaker has put forward a bid to acquire The Lakes Distillery in a deal valued at around £71m.

Nyetimber Wines and Spirits Group Limited has put forward the offer to acquire the award-winning distillery, near Bassenthwaite. 

Directors of The Lakes Distillery Company plc are recommending that shareholders vote in favour of the acquisition.

The Lakes' share capital is valued at £46.1m.

Commenting on the acquisition, James Pennefather, CEO of The Lakes, said: “The Lakes Board is enthusiastic about its ambitious new ten-year plan to achieve a 1 per cent share of the global luxury dark spirits market by 2030.

"This plan entails an additional funding requirement of £10million over the next three years to provide the necessary growth capital to increase production capacity, to further invest in laying down maturing spirit stocks and to grow the brand’s footprint in four international markets.

"The offer by Nyetimber offers the prospect of an owner with the same shared strategic vision and crucially, certainty of funding.

"By joining the Nyetimber family of companies, The Lakes will benefit, in particular in terms of quality of production, brand marketing and routes to market.

"The Lakes Directors are confident that this will confer significant benefits to The Lakes’ long-term prospects both as a brand and as a company," he said. 

Eric Heerema, CEO of Nyetimber, said: “We are excited by the prospect of acquiring The Lakes, the leading English distiller of premium quality single malt whisky, gin, and vodka.

"We believe that this potential acquisition represents an opportunity for us to expand our capabilities, drive exciting new growth, and support The Lakes in delivering on its ambition to be a globally recognised spirits brand.

"Not only do we have an inherent understanding and strong relationships with the world’s leading luxury restaurants, bars and retailers, but we also have a shared strategic vision," he said.