Glasgow Distillery receives £5.5m loan to expand globally
The Glasgow Distillery Company has secured a £5.5 million (US$7m) loan to help it expand internationally.
The Glasgow Distillery Company, producer of Makar Gin and 1770 Scotch whisky, received the loan from Barclays bank.
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 funding will allow the distillery to invest in increasing whisky stocks and continue its international expansion. The producer’s biggest export market is Europe, while strong growth has also been seen in Asia this year.
The Glasgow Distillery Company also signed new retail listings in Russia and is in the process of agreeing distribution deals in Belgium and Luxembourg.
The company said new product development will be key to its growth plans. Last month, the distillery released its first blended malt whisky and in May, the firm completed its Signature Range with a triple-distilled single malt Scotch whisky matured in virgin oak casks. The distiller plans to create a selection of single cask and limited edition releases.
The distillery’s portfolio also includes Banditti Club Spiced Rum and G52 Botanical Vodka.
During the pandemic, The Glasgow Distillery Company also produced hand sanitiser and strengthened its e-commerce business, growing online direct-to-consumer sales by 500%.
The producer also offered a virtual sampling experience by creating a fully equipped tasting room to take its distillery tour to buyers across the world amid travel restrictions.
The Glasgow Distillery Company is the first independent single malt-producing distillery based in the city since 1902. It was founded by McDougall, Liam Hughes and Mike Hayward in 2012. The firm currently employs 24 people.