- Ian Macleod Distillers focused on future growth
- Company supported by a £60 million asset based lending facility
Growth is gathering momentum at Ian Macleod Distillers which has secured a £60 million asset based lending (ABL) package. The funding has been provided by a club syndicate of banks led by Royal Bank of Scotland’s ABL team and Bank of Scotland.
Ian Macleod Distillers has a history that dates back to 1933 when it was established by Leonard Russell Senior. Proud to be an independently run family distillery, Ian Macleod Distillers has built up an enviable portfolio of premium quality spirits including Glengoyne, Tamdhu, Isle of Skye and Smokehead Scotch whiskies. As the world’s 10th largest Scotch whisky company, the business currently produces and sells over 15 million bottles of spirits every year. It has a turnover of £60.5 million and employs 111 people across its two distilleries in Glengoyne and Tamdhu, and head office in Broxburn.
Now Ian Macleod Distillers has sights on expanding the business further, after agreeing a £60 million asset based lending facilit, secured against the company’s inventory of whisky stocks. The funding provides a platform that will assist with their ongoing growth strategy and also refinance existing debt. Royal Bank of Scotland and Bank of Scotland have worked together to tailor appropriate funding.
Mike Younger, Finance Director Ian Macleod Distillers, commented:
We have been working with both banks since 2013 and enjoy a very good working relationship. The new funding package streamlines our borrowings and provides us with useful headroom to fund future projects as well as the underlying growth of the business. I am delighted to have both banks involved as it gives the company the comfort that we are, and will be, strongly supported. I am also confident that further significant funding will be available should it be needed.
Will Airey, Relationship Director, Royal Bank of Scotland Asset Based Lending, said:
Ian Macleod Distillers is a well-established and award winning distillery and one we are very proud to support. They have recorded impressive growth over the last five years and the team are focused on building on this success and expanding the business further. The asset based lending funding line works very well both with this business and within this sector. The new facility gives the business the confidence to continue its expansion because it is linked to assets and the funding can be increased as the business grows.
Robert Curle, Relationship Director Royal Bank of Scotland, added:
Ian Macleod Distillers is a long standing valued client of the Royal Bank of Scotland and is a very reputable Scotch producer boasting some well known and award winning whisky brands. I am delighted to have worked with my colleagues in the ABL team to structure an appropriate funding package to assist Ian Macleod’s long term growth aspirations and we look forward to continuing this key strategic relationship.
Security may be required. Product fees may apply.
ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER DEBT SECURED ON IT.