Ardgowan Distillery Co has converted some of its loan notes into cash and secured “substantial new funding” to allow its “ongoing operations” to be supported.
The company, co-founded ten years ago by Alan Baker and Martin McAdam, confirmed today (22 June) the conversion of GBP14m (US$18.5m) from its ‘convertible loan notes’, plus a further GBP4.2m ($5.5m) incoming as new funding. When contacted by Global Drinks Intel, a spokesperson said the additional boost is “a fair split of equity and loans”, but declined to detail further.
Ardgowan, which commenced production 12 months ago at the distillery it bought in 2017 in Scotland’s Lowland scotch whisky region, is majority-owned (“over” 70%) by entrepreneur Roland Grain, who took over from McAdam as CEO also 12 months ago. The next largest stakeholder – at 10.5% – is Distil, which owns the Blackwood’s gin brand and provided GBP3m in loan notes in 2021.
“As part of the improvements, existing shareholder and investment agreements have been revised to create a leaner, more straightforward ownership structure,” Ardgowan said.
Grain added: “This marks the end of the early phase of the project, and we are now in a far stronger position, with a clearer structure, a strengthened balance sheet and a defined path forward.
“We remain focused on what has always driven us: an exceptional wood policy coupled with long-term maturation to recreate the golden era of European oak sherry cask-matured single malt. Such dedication to quality requires patience and investment, though, and I remain open to additional strategic, long-term investment partners as we move towards our goal.”
While the company waits for its single malt to mature, which will be in mid-2028 at the earliest, the business produces single cask bottlings, featuring whisky from other distilleries, under its Clydebuilt brand name.
