A LONDON-based winemaker have bought The Lakes Distillery in a deal valued at £71m.

The multimillion-pound sale for the Distillery, based near Bassenthwaite, was accepted this week after Nyetimber Wines and Spirits Group Limited put forward the offer to acquire the award-winning distillery, near Bassenthwaite in April.

In April, James Pennefather, CEO of The Lakes, said: "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 at the time: “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. 

The distillery - which opened in 2014 - produces a mixture of spirits, and employs more than 80 people.

The Lakes' share capital is valued at £46.1m, and Mr Pennefather said in April that the £71m valuation was more than 12 times the revenue achieved by the distillery in the last financial year.