Founded in 1898, BenRiach has grown substantially during recent years. Developments include the acquisition of the GlenDronach Distillery in 2008 and the implementation of a five-line bottling plant in Newbridge in 2010.
The company supplies a range of single malt whiskies, along with more mature and premium varieties, to customers throughout the world. Key markets include western Europe, Asia, North America and, increasingly, Brazil and other Latin American economies.
The £27m deal, which also sees RBS CIB become the new full-banking partner to BenRiach, is a significant uplift on BenRiach’s previous funding facility. The package is fully flexible, with funding offset against stock, and will be used for investing in stock and facilities, general capital expenditure and, if the opportunity arises, selective acquisitions. The firm currently employs 80 people across its two sites.
Billy Walker, managing director at BenRiach, said: “With demand at an all time high, we are delighted to have finalised this funding package with the Royal Bank of Scotland corporate banking team in Edinburgh. Having filled over 10,000 casks of single malt in 2011 for the first time since the distillery changed ownership in 2004, this new funding facility will enable us to expand our business to meet the worldwide demand for our highly regarded whiskies. ”
Source: RBS CIB
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