Scotch producer GlenWyvis Distillery has appointed administrators following what the business described as “a prolonged period of financial pressure”.
In a notice posted on the company’s website on Monday (5 October) GlenWyvis announced it had appointed Geoffrey Isaac Jacobs and Alistair McAlinden of Interpath Limited as joint administrators. The distillery’s total debt upon entering administration has been reported as GBP6m (US$7.9m) by local news outlet Herald Scotland, which also said that all members of staff had been made redundant.
Founded in 2015, GlenWyvis is ‘community owned’ and has more than 3,800 members.
The distillery first filed a notice of its intention to appoint administrators on 23 September. At the time, it said: “The decision follows a prolonged period of substantive commercial, operational and legal issues on the business, driven by challenging conditions across the whisky market, rising operating costs and sustained external pressures.
“In recent months the directors appointed Interpath Advisory to lead an external fundraising process, approaching potential investors and funders to secure the additional capital the business required. While that process generated interest, it did not secure the funding needed for the society to continue trading as a going concern.”
Elsewhere in Scotland, workers at Diageo’s Cameronbridge Distillery in Fife are currently on strike. Last month, Diageo said it it was “disappointed” by the then-proposed action and the subsequent potential for damage to its scotch production.
