GlenWyvis gains £500,000 in funding
The world’s first wholly community-owned distillery, GlenWyvis, has secured £500,000 (US$683,000) in funding to support its Scotch whisky production and create new jobs.
The Highlands-based producer gained the investment from the Catalyst Fund, a social investment fund from Scottish development agency Firstport.
The funding will help GlenWyvis continue and develop whisky production, create new jobs, and strengthen its marketing and sales capacity.
Dingwall-based GlenWyvis was established in 2015 by John McKenzie, a former Army Air Corps helicopter pilot. The project was registered as a Community Benefit Society (CBS) in 2016, enabling it to operate as a not-for-profit business for the benefit of the wider community.
GlenWyvis has 3,796 members – the majority of which are from the local area – who each hold an equal vote regardless of shareholding.
The site began making whisky and gin in 2018.
GlenWyvis has faced several setbacks in recent years, including the Covid-19 pandemic, a fire in its wood-chip store and a legal dispute with McKenzie who owns the land the distillery operates on.
With its first 10-year-old batch still maturing in casks, GlenWyvis said it required working capital to maintain production and stockpiling until the early 2030s.
The funding is said to give GlenWyvis the “breathing space needed to focus on long-term growth and sustainability without disrupting operations”.
Jock Ramsay, chair at GlenWyvis, said: “We are delighted to have received support from such a notable investor who aligns very well with our raison d’être.
“This investment allows us to focus on continuing to produce excellent spirit whilst driving the distillery forward by expanding existing markets and seizing opportunities in new ones.
“Our small size and this injection give us the ability to improve and grow our market share at a time when the wider whisky industry is presently experiencing headwinds.”
GlenWyvis is the first CBS to gain backing from the Catalyst Fund.
In 2024, GlenWyvis was aiming to raise up to £2 million (US$2.5m) through its third share offer to increase its production and build a new visitor experience.
The distillery’s first share offer raised £2.6m (US$3.2m) in 2016 and the second totalled £1.1m (US$1.4m) in 2021.
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