France’s tax authorities have accused Diageo of not paying enough corporation tax on its earnings in the country. France “intends to deny tax relief for certain interest costs,” Diageo disclosed in its annual report last week.
Constellation Brands created a “High End Craft and Specialty” business group whose sole purpose is overseeing the company’s present and future craft brewery purchases. This division was created following their acquisition of Funky Buddha, as Constellation reveals plans to acquire more independent craft breweries.
Following legislature in Tennessee allowing grocery stores to sell wine, liquor distributors feared that business would decline. Farragut Wine and Spirits owner David Purvis says he has seen an unexpected loss of $2 million in revenue due to decline in wine sales. An unforeseen factor, he says, is the decline in spirit sales due to less traffic.
Four breweries throughout the U.S. closed recently: Rubicon Brewing of Sacramento, California, American River Brewing, of Rancho Cordova, California, Blank Slate Brewing of Cincinnati, Ohio, and Tipping Point Brewery of Waynesville, North Carolina. In an interview, Rubicon owner Glynn Phillips cites restricted cashflow as a result of increased competition.