What I have been working on this past month...
The weather in July wasn’t all most would have hoped for but there were a number of encouraging stories out there to brighten up the business landscape.
A distillery project seeking to safeguard a dwindling community in Speyside announced it has secured almost £140,000 in backing as it prepares to open later this summer. The Cabrach Distillery will be the flagship asset of The Cabrach Trust and aims to help revive the remote community, which was once home to a thriving illicit whisky trade.
This legacy will be marked by the production of a new single malt and the opening of a dedicated heritage centre. The funding package of loans and grants was provided by Social Investment Scotland (SIS), which was set up in 2001 to provide financing to charities and social enterprises.
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The money has allowed the distillery to set up for the bottling of its inaugural whisky proposition, The Feering, a Speyside blended malt derived from casks donated by neighbouring distilleries in the Moray area. The funding will also support start-up operations at the distillery, such as production and performance monitoring.
“The Cabrach is renowned for its role in the birth of Scotch whisky and completion of the Cabrach Distillery will contribute to a tale of renewal like no other,” said Jonathan Christie, the trust’s chief executive.
“Our distillery will serve as the economic lungs of our community led regeneration vision, creating much-needed permanent, skilled employment while attracting thousands of visitors to this special place, who will be able to discover the area’s rich history, heritage, and natural beauty.”
Elsewhere, Glasgow hoteliers reported a surge in occupancy and rates charged as the economic benefits of the Open golf championship at Royal Troon spilled out of Ayrshire.
With the queues for trains to Troon wrapped around Central Station as play got under way on July 18, staff at the 245- room AC Hotel in George Street were cleaning up from a packed breakfast service. Some 90 per cent of their guests were attending The Open, with a large representation from the US.
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“Because all of our guests are going to the golf, they leave here at 8am and they’re not back in the building until about 9pm at night,” deputy general manager Jennifer Williamson said. “It’s really strange because we’re so busy and we’re absolutely full, but then during the day there is no-one around because they are all at the golf.
“There has been a massive uplift among all the hotels in terms of demand in the city that is directly because of The Open in Troon. I think now because the rail link is so good between here and Troon a lot of people have chosen to stay here because there is such limited accommodation availability in Ayrshire.”
Staying on the sporting theme, the latest Football Distress Survey produced by financial recovery specialist Begbies Traynor found the number of clubs in Scotland experiencing difficulties has fallen dramatically from last year, even though the industry continues to face challenges from the pressure on fans’ discretionary income.
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Just three clubs in Scotland’s four top leagues were showing signs of financial distress, down by almost two-thirds from a total of eight clubs a year ago. The peak of Scottish football distress was in October 2020, when a total of 14 clubs showed early warning signs of problems.
The data also showed financial distress in the English Football League was at an all-time low, affecting just two of the 72 clubs in the EFL, down from 22 a year ago and the record high of 34 in October 2021.
“Historically, our clubs have been insulated from some of the spending pressures of those in the English leagues, but every business in the UK has been impacted with similar trends in rising costs, from energy and wages to food and other operational expenses,” said Ken Patullo, head of Begbies Traynor in Scotland and Northern Ireland.
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