Funding supports overseas growth
Inver House expanding into new markets
Inver House Distillers is looking to grow in new markets following its £10 million investment in increased capacity.
The producer of the Old Pulteney, Balblair, anCnoc and Speyburn single malt Scotch whisky brands has increased capacity for maturation by 20% in order to expands in markets such as India, Kazakhstan and Poland. It launched a number of brands in India last year.
The company built12 warehouses, increasing its total capacity to more than 600,000 casks. An additional 20,000 have been filled and stored in these new warehouses.
The funding, which was provided by Bank of Scotland, was also used to increase production capacity at Speyburn distillery which completed in October. The distillery has seen production capacity more than double, and is now capable of producing 4.2 million litres of whisky a year.
Managing Director Graham Stevenson said: “Our brands performed well in 2015, growing and laying the foundations in many new international markets.
“We anticipate further opportunities and this growth will be underpinned in the coming years by the increased capacity, in terms of production and maturation storage, created as part of our investment programme.
Mark Hull, relationship director at Bank of Scotland, said: “Whisky exports remain buoyant, at over £4 billion annually, despite various uncertainties, and remains the UK’s second strongest contributor to national trade performance. The long term view for Scotch whisky remains the same despite some global challenging dynamics in key global powers such as Russia.”
The business reported a 23.5% increase in pre-tax profits to £11.8 million on turnover up by 2.8% to £79.2m. Operating profits grew by 23% to £12.3m.