Pimm's, the classic English summer drink, has been put up for sale by its owner Diageo PLC (LSE:DGE), along with two other brands.
The FTSE 100 drinks giant has hired bankers at Rothschild to explore the sale, with Diageo having owned the gin-based fruity liqueur since its inception back in 1997.
Despite the sales process being launched, insiders note that it's still at a preliminary stage and a sale isn't necessarily certain.
The punch ingredient is well known for its association with the Wimbledon tennis championships and its long-standing catchphrase "Anyone for Pimm's?"
Diageo is also considering the sale of Safari, a fruit liqueur, and its rum brand Pampero.
Last month, the drinks group reported a drop in half-year revenue and operating profit, reflecting a 23% decline in Latin America & Caribbean (LAC) sales.
The owner of Guinness, Johnnie Walker and Smirnoff said sales in the first half ended December fell 1.4% to US$11.0 billion, with organic sales down 0.6%, driven by a 23% decline in LAC.