Arran-based whisky firm toasts £25m in financing

The new Lagg Distillery officially opened its doors in June. Picture: Contributed
The new Lagg Distillery officially opened its doors in June. Picture: Contributed
Share this article
0
Have your say

Whisky producer Isle of Arran Distillers has benefited from a £25 million funding package provided by banking giant Barclays.

The financing has helped the firm to develop its second distillery on the island, in the village of Lagg, which officially opened its doors earlier this year.

Euan Mitchell is managing director of Isle of Arran Distillers. Picture: Contributed

Euan Mitchell is managing director of Isle of Arran Distillers. Picture: Contributed

Founded in 1994, the company revived the tradition of whisky distilling on Arran when it built its operation in Lochranza. When a three-year old cask was opened by actor Ewan McGregor in July 1998, the first legal dram of Arran whisky in more than 160 years was served.

Next year, the distiller will release its first 25 year-old single malt in new packaging.

The structure of the financing deal lends against the company’s inventory, the value of which will increase as the whisky matures.

Euan Mitchell, managing director of Isle of Arran Distillers, said: "Times have never been more exciting for our company. With the re-branding of our Arran single malt and the opening of Lagg distillery, it has been a busy year and expansion and change has been at the forefront of our minds."

Jamie Grant, head of corporate banking for Barclays in Scotland, added: "Isle of Arran Distillers is a perfect example of a business harnessing the power of Scottish provenance, contributing to the global success of our food and drink industry.

"We have made a significant commitment to the whisky sector by investing both time and money to become industry experts, ensuring we are able to provide bespoke solutions specific to the sector."

READ MORE: First look: Lagg distillery opens on the Isle of Arran