World renowned whisky distillery BenRiach, one of Scotland's most famous independent distilleries, has agreed an additional £15million asset based lending facility to support their investement strategy.
This has been provided by the asset based lending (ABL) team at Royal Bank of Scotland and is designed to support the distillery's future growth.
Founded in 1898, BenRiach has grown with impressive speed since it was purchased by the current owners (including Master Blender Billy Walker) in 2004. The company posted its turnover in 2005 of £4.62million and employed 12 people. Today the distillery employs 120 people across four sites, has a turnover of £41.5million and recorded pre-tax profits of £11.1million.
As part of the firm’s growth strategy BenRiach has also recently acquired 300,000 litres of mature single malt whisky.
Whisky entrepreneur and Managing Director of BenRiach Billy Walker:
"We are an independent, boutique operation and very proud of the success we have enjoyed over the years. In the last 12 months we've seen increased demand for our whisky in the UK and export markets, as evidenced in our recent financial results. The purchase of mature stock is a great investment. We also have plans over the next year to invest in our warehouses at MacDuff Distillery, Glenglassaugh and BenRiach to accommodate our continued fast growth.
The ABL facility has been a key component of our growth. We have worked with the team for many years and their support has been magnificent."
William Airey, ABL Relationship Manager at Royal Bank of Scotland:
"BenRiach had an existing ABL facility of £35million and we have provided an increase in facilities to £50million. This has released valuable working capital from the company’s assets to support future investment, which will help the continued success of this excellent company. The company's brands have a fantastic reputation and we are excited to once again help BenRiach with their business ambitions."
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