Pernod Ricard said it signed an agreement with a consortium that includes Scotch whisky industry veteran Billy Walker for the sale of Glenallachie Distillery in Speyside.

Pernod Ricard said the transaction includes the Glenallachie single malt brand, MacNair’s and White Heather blended scotch brands and relevant inventories to support future development of those brands.

The Glenallachie Consortium also includes Graham Stevenson and Trisha Savage.

The consortium said its mission “is to be a wholly Scottish owned, Scottish based, and truly independent Scotch whisky company producing excellent whiskies and offering them to the market at premium but affordable prices.”

Pernod Ricard said: “The disposal is in line with Pernod Ricard’s strategy to focus on its priority spirits and wines brands and to adjust its industrial footprint to its needs.

“The closing of the transaction is subject to customary conditions and is expected to take place before the end of 2017.”

Walker has been involved in the whisky industry for 40 years — including spells at Ballantines, Inver House Distillers and Burn Stewart — and was recently instrumental in building up the BenRiach Distillery Company before its sale in 2016.

Graham Stevenson has spent almost 30 years in the whisky industry — working at the North British Distillery Company in Edinburgh before moving to Inver House Distillers in 1994 where he became managing director.

Trisha Savage has more than 30 years’ experience in the Scotch whisky industry, starting out at Burn Stewart.

She has worked closely with Walker throughout her career and was also instrumental in developing the BenRiach Distillery Company.

The Glenallachie Consortium was advised in the transaction by Macdonald Henderson (legal) and Grant Thornton (accountancy and tax).

Pernod Ricard was advised by Fluxion Advisors Limited and Shepherd and Wedderburn LLP.