Pernod says cheers to Tia Maria

Tia Maria, the coffee liqueur brand, has been formally put up for sale by owner Pernod Ricard with a price-tag of €200m (£176m). The sell-off is part of the group’s attempt to raise cash after last year’s £5.6bn takeover of Vin&Spirit, the manufacturer of Absolut Vodka. The move follows last month’s disposal of the bourbon brand Wild Turkey to Italian drinks maker Campari for $575m (£349m). Pernod is believed to be keen to hold on to its 15 core brands, including Jameson whiskey and Havana Club rum, but could be looking to sell some of its 30 local brands.