Glasgow Distillery Company goes for growth with Barclays support
In addition to providing the asset-based facility, Barclays has assumed full day-to-day banking for the distillery, which re-opened in 2014 becoming the first independent single malt distillery in Glasgow for more than a century.
The company has remained operational throughout the Covid-19 pandemic and adapted its business to add hand sanitiser to production schedules. It has managed to grow online direct-to-consumer sales by 500 per cent.
The team has also created a virtual tasting experience, investing in a fully equipped tasting room which will be used to take the distillery tour to international buyers, tackling the challenge of virus-related travel restrictions.
The funding package will provide working capital to invest in increasing whisky stocks and continuing the distiller’s international expansion.
While Europe is currently its biggest export market, the firm has seen strong growth in Asia this year. New retail contracts have been secured in Russia with distribution deals currently being developed in Belgium and Luxembourg.
Ian McDougall, finance director and co-founder of the Glasgow Distillery Company, said: “This investment will help finance our strategy to respond to increasing worldwide demand for our products.
“We have ambitious plans and, with the support of Barclays, our customers, suppliers and employees we are confident of our future success.”
Stuart McAleese, relationship director at Barclays Corporate Banking, said: “The distillery is a great example of an organisation with a solid forward-thinking business plan.”
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