Magazine article Marketing

Diageo Shuts New Ventures Division

Magazine article Marketing

Diageo Shuts New Ventures Division

Article excerpt

Diageo has closed its innovations unit, Diageo New Business Ventures (NBV), to refocus on its core business of marketing alcoholic drinks.

It has disbanded New Business Ventures, which looked at expansion into sectors such as media and travel, with the loss of 17 jobs.

Nine will be redeployed in other parts of Diageo. The closure leaves the division's managing director, Graham Sumeray, without a permanent job, although he is being lined up for a general manager role within the company.

'This marks a change in our strategy to focus on opportunities that maximise the value of our core business: the production and sale of premium-beverage alcohol,' he said.

NBV's demise follows the company's sale of its in-bar TV venture Translucis to Avanti Communications in May, and the closure of mobile marketing operation Nightfly a month earlier, both of which came under the unit's remit.

Diageo NBV was launched at the height of the dotcom boom in July 2000, with the intention of floating off individual ventures. …

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