Ardgowan Distillery seeks £17m after green light

A planned new distillery with historic links to ­Robert the Bruce has launched a bid to raise £17 million and appointed independent chartered accountants Campbell Dallas amid plans to be operational in 2019.

Plans for the distillery were recently approved by Inverclyde Council. Picture: Contributed

Construction is set to start later this year on the Ardgowan Distillery, near Inverkip, Renfrewshire, having recently obtained planning permission from Inverclyde Council.

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It is now seeking investors to build a lowland malt whisky distillery and ­visitor attraction on the Ardgowan Estate – where Robert the Bruce was involved in two battles.

Plans for the distillery were recently approved by Inverclyde Council. Picture: Contributed

The project has already raised more than £500,000 in seed capital and is being advised by Campbell Dallas’s corporate finance team, led by Harro Leusink.

Ardgowan Distillery chairman and former Macallan managing director Willie Phillips said the venture is “a ­terrific commercial proposition and Campbell Dallas is the right firm to assist us with this fundraising”.

He added that the distillery will be “scalable”, with capacity to extend production with some further investment.

Plans for the distillery were recently approved by Inverclyde Council. Picture: Contributed

Murdoch McLennan, partner and head of brewing and distilling at Campbell Dallas, said: “Whisky distilleries are a well-recognised investment opportunity which can achieve strong capital returns and dividend distribution in the medium to long term.”

He also said the total funding requirement of about £17m will cover the construction, commissioning and first three years’ production costs, while the distillery is expecting a mix of equity, debt funding and public grant support.

It is also set to appeal to high-net-worth individuals, family offices, overseas investors and companies in the whisky ­supply chain, he believes.