Ardgowan Distillery Strengthens Balance Sheet And Secures New Investment

One of Scotland’s most distinctive Single Malt distilleries boosts its balance sheet and confirms path to first whisky release

Independent Scotch whisky producer Ardgowan Distillery Company Ltd today announces significant financial progression and the securing of new investment, reinforcing the long term foundations of the business as it continues its journey towards its first whisky release.

Ardgowan, which was built on the historic Ardgowan Estate, became the first new distillery in Inverclyde for over a century upon its completion and first distillation in June 2025.

In addition to producing its classic unpeated distillate, the distillery reaches another milestone with the first distillation of heavily peated spirit in June and July as it builds its stock portfolio of spirit laid down for future Ardgowan Single Malt bottlings.

Conversion of convertible loan notes (CLNs) into equity

Ardgowan has successfully converted £14 million in CLNs into equity, including £3 million held by Distil Plc.

These conversions materially strengthen the distillery's balance sheet and reflect the continued confidence of its investor base in the long term value of the project.

New funding secured

Alongside the CLN conversions, Ardgowan has secured substantial new funding to the tune of £4.2 million.

This investment will support the distillery's ongoing operations, production programme and commercial development as it works towards its first Single Malt release.

Simplification of shareholder and investment agreements

As part of the improvements, existing shareholder and investment agreements have been revised to create a leaner, more straightforward ownership structure.

Path to first release

Roland Grain, CEO of Ardgowan Distillery Company Ltd, comments: "This clean up is the result of an enormous collective effort from our investors, our shareholders and our team. The commitments made by so many people to support this distillery in the challenging early stages speak to the belief that exists in what we are building here.

“This marks the end of the early phase of the project, and we are now in a far stronger position, with a clearer structure, a strengthened balance sheet, and a defined path forward. We remain focused on what has always driven us: an exceptional wood policy coupled with long-term maturation to recreate the golden era of European oak Sherry cask matured Single Malt. Such dedication to quality requires patience and investment though, and I remain open to additional strategic, long-term investment partners as we move towards our goal.”

While Ardgowan Single Malt matures, the company regularly releases independent bottlings under its award winning Clydebuilt brand.

If you’d like to discuss potential investment opportunities at Ardgowan Distillery, you can contact their team at whisky@ardgowandistillery.com.