Tamdhu distiller secures £60m funding deal with banks

Along with Tamdhu, Ian Macleod produces Glengoyne and Isle of Skye whiskies. Picture: Contributed

Along with Tamdhu, Ian Macleod produces Glengoyne and Isle of Skye whiskies. Picture: Contributed

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Ian Macleod Distillers, behind the Glengoyne, Tamdhu and Isle of Skye whiskies, has secured a £60 million lending package secured against its whisky stocks as it targets continued growth.

The funding, which refinances existing debt and provides scope for expansion, has been provided by a syndicate of banks led by the Royal Bank of Scotland’s asset-based lending team and Bank of Scotland.

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Finance director Mike Younger said: “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 and am also confident that further significant funding will be available should it be needed.”

Ian Macleod is the tenth-largest Scotch whisky company, selling more than 15 million bottles a year. It has a turnover of £60.5m and employs 111 people across two distilleries in Glengoyne and Tamdhu and its head office in Broxburn.

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