Port of Leith’s vertical distillery beats crowdfund target
Scotland’s only vertical distillery, being built next to the Royal Yacht Britannia in Leith, has beaten a £2 million crowdfunding target within a day of launch on the Seedrs platform.
Port of Leith Distillery had raised almost £2.2m by today (30 June) from 338 investors. It brings total capital raised to £12m, including a crowdfund last year, and should ensure the nine-storey building and operation opens next spring, a few months behind the original schedule.
The 28,000 sq ft waterfront site was acquired by Paddy Fletcher and Ian Stirling and support for the project has come from investors around the world, including the US and Hong Kong.
It was put on hold for a time under the pandemic restrictions but the company, Muckle Brig, maintained a revenue stream through its Lind & Lime gin business which sold 130,000 bottles in 2021 to 24 international markets. The company posted £100,000 in EBITDA on turnover of £1.7 million.
The company has established a trading arm, the Leith Export Company, which is used for its online shop, but now with a proprietary Champagne marque and with other wines to follow.
Ahead of the latest funding round, which is offering up 7.3% of the equity, the company had a valuation of £27.7m.
See also: Interview with Ian Stirling
New distillery for Inverness
A £6 million whisky distillery and brewery is to be built in Inverness, the first time for nearly 40 years.
The Uilebheist Distillery will be powered by the water from the nearby River Ness and is set to create about 40 jobs.
Beer production will begin this year, and the brewery’s five core beer styles should be available tby late November.
The distillery and brewery will be headed by Bruce Smith, who has a Masters degree in brewing and distilling from Heriot-Watt University and spent the 10 years working in the craft beer industry and ageing beer in ex-whisky barrels.