Eden Mill, the St Andrews spirits and beer producer, has toasted a surge in annual revenues as it forecasts further sales growth through the addition of a new distillery.
Total turnover jumped by 48 per cent to £8 million in the year to March, with the company citing expansion of its branded drinks portfolio.
Operating profits hit £495,000, returning to profit after posting a £250,000 loss in the 12 months previously.
Sales have risen a further 17 per cent in the first six months of the current financial year, putting Eden Mill on track to achieve 2020 turnover forecasts.
The brewer and distiller is looking to “significantly” expand its whisky production arm, with plans to launch a new distillery before the end of next year, and drive revenues further through pop-up retail opportunities.
The company hailed greater capacity for growth in gin and beer production following the integration of Cumbria-based Eden River Brewery, which it acquired in February in a deal more than doubling its prior production capacity.
Eden Mill’s range includes a “premium” gin selection, gin liqueurs, pre-mixed cocktails and gin cans, single malt whisky and a portfolio of local beers. It recently announced the launch of an alcohol-free offering known as Eden Nill, which has added two non-alcoholic gin mixers to its ready-to-drink cans range.
'Currently evaluating funding options'
Founder and co-owner Paul Miller said: “Gin sales are on the up and whisky is creating real long-term value for the business.
“Our strategy is based on innovation, experience and convenience as we develop new products, grow our visitor attractions and ensure we are targeting the right customers with the right products. We are especially pleased with sales of our ‘ready-to-drink’ range which has attracted a new audience to gin.
“To achieve our expansion goals, we are currently in talks with third parties and evaluating longer term funding options to create the first carbon neutral distillery and visitor centre.
“In addition, we are also looking to significantly expand our whisky production capability. The new distillery is on track to open at the end of 2020.”
Eden Mill also operates two venues for its Blendworks Gin School experience, which allows visitors to create their own version of the spirit. It will look to roll out pop-up experiences to maximise the current boom in the gin tourism market.
Miller added: “Gin tourism is a new and growing experience with numbers up 42 per cent over the past decade in Scotland. In addition to the Blendworks Gin Schools currently located in
St Andrews and Glasgow’s Princes Square, we are developing our Blendworks On Tour experience, with pop-ups in Edinburgh and London in the planning”.
The company this year announced a tie-up with the Scottish Event Campus in Glasgow, making it the venue’s official gin partner.