One of Scotland’s oldest single malt distilleries is targeting international growth after securing a £10 million loan.
Based in Wigtown, Galloway, Bladnoch Distillery will use the asset-based lending facility from HSBC to drive growth by further penetrating existing markets and expanding its distribution network to a series of new, priority markets around the world.
Specifically, Bladnoch aims to target growth markets in Australia, Israel, China, United States and parts of Europe. The money will also be used to improve the distillery’s energy efficiency through technology upgrades, as well as maintenance and improvement works on its grounds and warehouses.
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Established in 1817, Bladnoch was bought out of administration in 2015 by Australian entrepreneur David Prior. The team is led by master distiller Nick Savage, former master distiller at The Macallan, and has been expanding through the course of the pandemic with seven new hires.
“While trading conditions have been challenging in the face of Brexit and Covid-19, we’ve managed to grow through this period and the business is now in a place where it can explore new opportunities to increase our international sales and reputation," Mr Savage said.
“HSBC UK understands the real value of whisky stocks and products, not just the financial value. It means they are well placed to understand our vision and plans for future growth.”
Allan Jackson, corporate banking director in Scotland at HSBC, added: “It is no secret that the whisky sector is hugely important to the Scottish economy, with worldwide appeal for its products. We’re delighted to support Bladnoch as it continues to improve and grow its business operations, tapping into new markets where demand is increasing.”
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