GlenWyvis distillery secures £1.5m funding

Scotch start-up The GlenWyvis Distillery Community Benefit Society has successfully hit its £1.5 million crowdfunding target to build a new malt whisky distillery near Dingwall.

Glenwyvis hits its investment target and continues its bid to become the world’s “first” crowdfunded distillery

The company launched the funding scheme through Crowdfunder.co.uk, supported by Community Shares Scotland, in April and met the target two days before deadline.

On completion, due sometime in 2021, the GlenWyvis distillery will become the “first” community-owned distillery in the world. The build also marks the return of Scotch whisky distilling to Dingwall some 90 years after the Ferintosh and Glenskiach distilleries closed.

The community funding offer was designed to “ensure a high level of local ownership”, with shares in the company available from £250. More than 15,000 shareholders have signed up, including some from Brazil and Australia, reports The Telegraph.

Average investments come in at £1,000, although two backers have put in £50,000 each. Shareholders are entitled to just one vote, regardless of the size of their stake.

Once complete, the distillery will have the capacity to produce up to 200,000 litres of pure alcohol per year, with an initial production run of 30,000 litres. GlenWyvis hopes to have an eight-year-old single market on the market by the mid 2030s.

“We have a truly winning combination here of a stunning Scottish Highland location, immense historical appeal linking back to Culloden, Burns and Ferintosh and readily available hydro, solar and wind energy to bring this innovative whisky project to fruition,” said GlenWyvis founder John McKenzie when plans for the distillery were first announced.

“From the outset we have envisaged the project as more than a distillery. It is an opportunity for all social investors to help reinvigorate the historic town of Dingwall. GlenWyvis will be built on its whisky heritage, its community-ownership and its environmental credentials.

“We have amazing local resources and will be using only local barley from a farmers’ cooperative – hence our strapline ‘built on history – powered by nature’.”

GlenWyvis is now aiming to attract further investment in an attempt to meet its stretch target of £2.25 million, with the crowdfunding round closing at midnight tonight.