Barclays backs Glasgow Distillery's global growth plans with £5.5m facility.
Published Date: 13th July 2020
The Glasgow Distillery Company has secured a £5.5m asset-based lending facility from Barclays to support its international growth plans. In addition, Barclays has assumed full day to day banking for the distillery which re-opened in 2014 becoming the first independent single malt whisky distillery in Glasgow for over 100 years.
The funding will provide working capital to invest in increasing whisky stocks and continuing The Glasgow Distillery Company's international expansion. While Europe is currently its biggest export market, the company has seen strong growth in Asia this year. New retail contracts have been secured in Russia with distribution deals currently being developed in Belgium and Luxembourg.
New product development is core to the distillery's growth plans, and in the last two months, it has successfully launched two new products, further expanding its award-winning range.
The Glasgow Distillery Company has remained operational throughout the current pandemic, and pivoted its business to add hand sanitiser to production schedules and maximise e-commerce opportunities, growing online direct-to-consumer sales by 500%. The team has also created a virtual tasting experience, investing in a fully equipped tasting room which will be used to take the distillery tour to international buyers, tackling the challenge of travel restrictions.
Ian McDougall, Finance Director and Co-founder of the Glasgow Distillery Company said "We're delighted Barclays has chosen to back the next stage of our growth plans, especially in such difficult economic circumstances. This investment will help finance our strategy to respond to increasing worldwide demand for our products. We have ambitious plans and, with the support of Barclays, our customers, suppliers and employees we are confident of our future success."
The Barclays team was led by Stuart McAleese, Relationship Director, and Mike Kempton-Smith, Asset Based Lending.
Stuart McAleese, Relationship Director at Barclays Corporate Banking said: "The Glasgow Distillery Company is a great example of an organisation with a solid forward-thinking business plan that's clearly focussed on continued and strategic growth. We worked closely with the founders, applying our industry expertise and understanding of the whisky sector to tailor a bespoke asset-based lending funding package that will support further expansion of their award-winning product range and international market reach."
Founders Liam Hughes, Mike Hayward and Ian McDougall revived The Glasgow Distillery Company which originally opened in 1770 before closing in the early 20th century. The business now employs 24 staff and produces The Glasgow 1770 Single Malt Signature range and Malt Riot Blended Malt as well as Makar Gin, Banditti Club Spiced Rum and G52 Botanical Vodka.
More Whisky News
News: Tomatin - 1st November 2022
Tomatin's Cu Bocan Wins 'Best Whisky' At Highland Food And Drink Awards
News: Tomatin - 26th October 2022
Tomatin Release Limited Edition Portuguese Collection. Dedicated to and Inspired by The Wines of Portugal
News: The Macallan - 25th October 2022
The Macallan Reveals A New Edition Of The Harmony Collection Celebrating The World Of Coffee
News: Benromach - 25th October 2022
Benromach Adds Limited Edition Triple Distilled Expression To Its Contrasts Range. Maturation in first-fill bourbon barrels.
News: Loch Lomond - 19th October 2022
Loch Lomond Whiskies Unveils Rare 54 Year Old Single Malt Scotch Whisky. Limited to just 55 bottles globally.
News: Kingsbarns - 27th September 2022
Kingsbarns Distillery Appoints Kate Bradley as New Production Operator
<< Read more latest news at Planet Whiskies
Advertisement
Stay Connected
Get Newsletter
Subscribe to our newsletter to get latest news, popular news and exclusive updates.
Latest Whisky News
Advertisement
Find out more about Scottish Distillery
Planet Whiskies Distillery Tours
Master Distillers Q&A
-
Keith Law: Master Distiller of Diageo
There are now two special pages on this website all about the views of Keith Law, the Master Distiller at Diageo. First page is about Blended Whisky and Food and the second page is a question and answer session relating to Keith's past experiences.... VIEW ANSWERS