TWO Scotch whisky cask investment firms worth more than £60 million have reportedly gone bust, with all staff made redundant.
The two Edinburgh-based whisky investment firms, Cask 88 and Braeburn Whisky, have folded, with all staff made redundant this week, Forbes has reported.
According to reports, a Glasgow-based holding company with ties to the firms, Teaghglach Holdings PLC, has placed an “active proposal to strike off” with Companies House, meaning that the legal process to dissolve the parent company has begun.
Former employees, who have asked not to be identified for fear of endangering current or future employment, confirmed to Forbes that both sister firms had ceased operation on April 30.
In a video back in March, Taylor Costa Van Putten, president of Braeburn USA, bragged that his company was “the world’s international whisky investment experts” and claimed the company had $80 million in assets.
However, it has been reported that prospective investors who put their money in the companies are likely to lose it.
It has been reported that multiple warehouses have confirmed that many anxious clients of the two firms have made desperate phone calls to find their casks, although it is unclear if they have been able to locate them.
Cask 88 and Braeburn Whisky have been approached for comment.
