From heading up Bailey's in its formative years and chairman of Chivas Brothers, to launching Malibu, Piat d'Or and the Classic Malts range, James Espey has been one of the drinks industry's true innovators over the last 40 years. His latest venture, The Last Drop Distillers has taken him into the ultra-premium spirits industry. Alongside long-term partners Peter Fleck and Tom Jago he has already found a 50-year-old Scotch blend - enough for 1,347 bottles - and begun selling it. He talks to Chris Brook-Carter about his plans for the business, his fears for the spirits industry and why the recession is a good thing.