A historic downturn in demand for Scotch, whiskey, cognac and tequila has left drinks makers sitting on a lake of unsold spirits, forcing them to mothball distilleries and slash costs to shift bottles piling up in warehouses.
Five of the most important listed alcohol producers — Diageo, Pernod Ricard, Campari, Brown Forman and Rémy Cointreau — are sitting on $22bn price of ageing spirits, the very best degree of stock in additional than a decade, in accordance with their monetary stories, the FT’s Madeleine Speed stories.
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