A lowland whisky distillery is targeting international expansion after agreeing a £10 million bank funding deal.
Bladnoch Distillery already sells to more than 40 countries but is aiming to expand in some of those as well as entering new territories.
Whisky was first made at the site near Wigtown, Dumfries and Galloway, in 1817 after the McClelland family were granted a licence to distil on their farm. The family were producing more than 230,000 litres annually at the peak of production but sold the business in the early 20th century. The distillery changed hands several times. In 2015 it was bought out of insolvency by an Australian entrepreneur David Prior.
Now Bladnoch has sealed an asset-based lending facility with HSBC. It intends to use some of that to increase its distribution network in places such as Australia, the United States, China and Israel along with parts of Europe.
The money will also be used to improve energy efficiency at the distillery and reduce its carbon footprint and upgrades to warehouses are planned.
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Nick Savage, the master distiller, said: “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.”
Allan Jackson, corporate banking director in Scotland at HSBC, said: “We’re delighted to support Bladnoch as it continues to improve and grow its business operations, tapping into new markets where demand is increasing.”