A dispute between the founders of Uncle Nearest and a creditor has led to the American whiskey business switching to neutral control, according to local reports this week.
The company, founded by Fawn Weaver and her husband, Keith, in Tennessee eight years ago, is involved in a legal case in a federal court in the state with Farm Credit. The lender has alleged that Uncle Nearest has defaulted on loans in the region of US$110m, reports have claimed, resulting in a judge agreeing to appoint a receiver.
According to the Lexington Herald-Leader today (15 August), the loan sum has risen by a further $24m due to a misrepresentation of Uncle Nearest’s barrel inventory, with the Weavers alleging that fault lay with former CFO Mike Senzaki.
The newspaper also cited Farm Credit as stating in the court order that it “would like to see Weaver continue marketing Uncle Nearest”.
As well as owning the Nearest Green distillery in Tennessee and the Uncle Nearest brand, the company also became “the largest Grande Champagne vineyard owner” in France’s Cognac region in late 2023 and acquired Square One Organic Spirits, producer of the namesake vodka brand, 15 months ago.
Speaking to Global Drinks Intel in March, Fawn Weaver admitted that the company’s journey had not been a smooth one. “There’s a reason why no woman or person of colour had ever succeeded in this industry before me,” she said. “I think it’s because there’s one group of people and their descendants that have essentially run this entire industry for so long. In the US, over 90% of the alcohol sales volumes come from six companies.
“Coming into this industry has been challenging on every side.”
