Speyside distiller GlenAllachie has secured a £30 million loan from Clydesdale Bank against its stock of whisky barrels.
Billy Walker, who sold his previous distilleries – BenRiach, GlenDronach and Glenglassaugh – to American spirits giant Brown-Forman in 2016 for £285 million, bought GlenAllachie from Chivas Brothers in 2017. The deal included a warehouse full of slowly maturing whisky.
GlenAllachie will use the cash to fund capital expenditure and for working capital as it continues to build its worldwide sales network. Walker has already released whiskies under the GlenAllachie label, as well as peated malts under the MacNair’s Lum Reek blended brand, with his White Heather whisky due to be revived in May.
Walker said: “This new debt facility will enable us to continue our journey at the pace we want and further develop GlenAllachie as a premium single malt brand around the world.”
The loan was arranged by Belfast-based corporate finance firm HNH, which opened an office in Edinburgh last year and recruited former French Duncan and Clinker dealmaker Harry Linklater and Bruce Walker – no relation to Billy – from accountancy firm KPMG. The firm invited bids from several banks to lend to GlenAllachie.
HNH’s Walker added: “Appetite for the credit was strong, reflecting the strength of both the business and the whisky market more widely.”
