UK: Ian Macleod Distillers eyes growth after bank loan facility
The group is looking to export markets after securing the loan
Scotch whisky producer Ian Macleod Distillers has announced plans to expand its facilities and is eyeing export growth after securing a “substantial” bank loan facility.
The privately-owned group, whose brands include the Glengoyne and Macleod’s, is aiming to develop six new warehouses at its site in Speyside, Scotland, after agreeing the credit deal with Bank of Scotland. The new facilities are expected to be operational by 2015, the company said today (4 December).
A Bank of Scotland spokesperson declined to say the exact total of the loan facility.
“The additional warehouse facility... will provide us with storage space appropriate to our sales demand and support our ambitious plans for growth and further export sales,” said the group's finance director Mike Younger.
Ian Macleod Distillers, which was established in 1933 and employs 100 people across its three sites in Scotland, has organically tripled it sales to GBP52m in the last ten years, according to Bank of Scotland.
Laurence Jamieson, Bank of Scotland’s relationship director, said: “The potential for Ian Macleod Distillers increasing exporting revenue looks strong. Demand for Scotch whisky in Russia, for example, is growing to the extent that it is expected to overtake the UK for consumption by 2016.”
Last month, Ian Macleod Distillers released a 35-year-old expression from its Glengoyne distillery.
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