The GlenAllachie Distillers Company has secured a £30m loan as part of a refinancing package to support the brand's global development.
The asset-based funding, approved on a four-year term, will be used by the distiller to fund working capital and capital projects. Clydesdale Bank was selected to provide the finance in a tendering process managed by the new Scottish arm of Irish corporate finance firm HNH.
The GlenAllachie Distillery, located near Aberlour in Speyside, was bought from Chivas Brothers, a subsidiary of Pernod Ricard, by entrepreneur Billy Walker and his team in 2017. The deal included a significant volume of mature and maturing whisky. The company has released a core range of GlenAllachie single malts and also relaunched MacNair's blended malt brand, which includes MacNair's Lum Reek, a peated blended malt. The White Heather brand, which it also owns, is due to be relaunched in May 2020.
Regarding the financing, Billy Walker said: "This new debt facility will enable us to continue our journey at the pace we want and further develop GlenAllachie as a premium single malt brand around the world."
David Hunter, director of asset-based lending with Clydesdale Bank in Glasgow, said: "We are looking forward to working with the management team at The GlenAllachie and are delighted to be able to support them through such an exciting stage of their business."
The asset-based funding, approved on a four-year term, will be used by the distiller to fund working capital and capital projects. Clydesdale Bank was selected to provide the finance in a tendering process managed by the new Scottish arm of Irish corporate finance firm HNH.
The GlenAllachie Distillery, located near Aberlour in Speyside, was bought from Chivas Brothers, a subsidiary of Pernod Ricard, by entrepreneur Billy Walker and his team in 2017. The deal included a significant volume of mature and maturing whisky. The company has released a core range of GlenAllachie single malts and also relaunched MacNair's blended malt brand, which includes MacNair's Lum Reek, a peated blended malt. The White Heather brand, which it also owns, is due to be relaunched in May 2020.
Regarding the financing, Billy Walker said: "This new debt facility will enable us to continue our journey at the pace we want and further develop GlenAllachie as a premium single malt brand around the world."
David Hunter, director of asset-based lending with Clydesdale Bank in Glasgow, said: "We are looking forward to working with the management team at The GlenAllachie and are delighted to be able to support them through such an exciting stage of their business."
