Billy Walker in Glenglassaugh distillery takeover

FORMER Rangers director Billy Walker, left, has bought a third distillery by snapping up a site that was officially reopened in 2008 by First Minister Alex Salmond.

Walker has taken over the Glenglassaugh distillery near Portsoy from Dutch private equity firm Lumiere. He remained tight-lipped over the price he paid but said Royal Bank of Scotland had extended its lending to his Edinburgh-based BenRiach Distillery Company, which is backed by South African investors Geoff Bell and Wayne Kieswetter.

Walker told The Scotsman: “Glenglassaugh is profitable so it won’t be a drain on cash.”

Glenglassaugh managing director Stuart Nickerson, who will remain with the business initially, added: “It’s great to be back in Scottish hands.”

Glenglassaugh had ceased production in 2006 but was revived by a group of investors in 2008.