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Isle of Barra offers first shares for new distillery
Scottish spirits producer Isle of Barra has raised nearly £900,000 (US$1.16m) through its share offer, which will go towards its new whisky and gin distillery.
The producer has currently raised £880,954 (US$1.14m), above its original target of £500,000 (US$648,000).
So far, 574 people have invested on Crowdcube with the share price sitting at £3.75 (US$4.86). The funds will be used to expand the distillery on the island of Barra and start work on a new purpose-built single malt whisky and gin distillery.
Isle of Barra launched in 2017, and has secured planning permission, as well as land, to build the new distillery, which will be located in the Outer Hebrides in Scotland. It will cost around £12 million (US$14.6m) to construct.
The company plans to close the share offer in the coming days.
Co-founder Michael Morrison said: “We have been working towards this day for a long time, years in the making, and we wanted the time to be right, for it to be the right time to open up our business and invite you in to be part of it, and now is that time.
“The potential that the Isle of Barra Distillers has is immense, the lasting, positive impact we can make both here on the Isle of Barra and also across the Outer Hebrides, it can’t be underplayed.
“Our new whisky distillery will be a landmark addition to our home here on Barra, creating sustainable employment and providing experiences to the team that will work there, something that the Isle of Barra can be really proud of and with you, we can make that happen.
“This period we are having right now is massively exciting, a time we will look back on that truly shaped the Isle of Barra Distillers and the Isle of Barra. Be part of this with us.”
Isle of Barra’s gin was awarded a Master medal in The Design & Packaging Masters 2023, which is the competition’s highest honour.
The company has listings with supermarket Waitrose across the UK, and is also looking to achieve B Corp status.
Earlier this year, Isle of Barra signed a deal with distributor Oberoi Spirits to bring its products to India.