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IPO planned

Scotch Malt Whisky Society owner ‘to float next month’

Scotch Malt Whisky Society

Headquarters of the society is in Leith

The Artisanal Spirits Company, owner of the Scotch Malt Whisky Society, will seek admission to AIM in early June, according to industry sources.

It has launched an offer on Primary Bid where it hopes to raise £16 million in a placing.

Existing shareholders will also sell their shares to raise a similar amount, according to UK Investor Magazine.

Shares are expected to command a price between 112p and 121p but no valuation has been put on the group which last month raised £19.5 million in development funding amid talk of an IPO.

The new facilities from Royal Bank of Scotland and Lombard will enable the Society to further invest in whisky and other spirits stock as well as new cask wood.

ASC posted a 3% growth in revenue to £15m last year following a 30% increase in e-commerce globally. Although venues were closed throughout most of the pandemic, membership of SMWS increased 4% in the year, owing to an increase in the number of sign-ups made through online channels.

SMWS, which sells spirits online, has a presence in more than 30 international markets and has 28,300 members.

Customers can choose whiskies curated by a dedicated tasting panel.

SMWS releases regular batches of new whiskies throughout the year and hosts events for both members and non-members.

Last month ASC appointed Mark Hunter, previously president and chief executive of Molson Coors, as chairman.

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