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Whisky growth revives fortunes of old distillery

Category: Scotland Finance News — Paul Morgan on June 10, 2012

A whisky distillery, mothballed for over 20 years, has seen a significant return to profit for the first time since reopening in 2008.

The Glenglassaugh Distillery has seen its fortunes turnaround thanks to the boom in Scottish whisky sales from overseas.

Based near Portsoy in Aberdeenshire, the distillery was originally opened in 1875, where business thrived for over one hundred years.

Having been shut down in 1986 though, it was not until new private investor ownership three years ago came in, that it was reopened.

With an annual turnover of £1million, the new group saw 2011 profits of £100,000.

This is significantly ahead of schedule. Speaking about the news, the distillery’s managing director, Stuart Nickerson, said:

“It had been expected that it would take at least seven years and possibly as much as 10 years for Glenglassaugh to turn a profit.”

There could be even better news ahead.

The profits generated could be set to soar over coming years, as business up until now has solely centred on selling existing stock that came with the purchase. In recent weeks though, Glenglassaugh has launched its first new single malt since it reopened.

Aptly enough, it has been called Revival.

Many other distilleries are experiencing their own revival thanks to the increased popularity from abroad. Private investment and other alternative forms of commercial finance in Scotland are helping opportunities be taken.

With much of the interest coming from developing economies, notably China, overseas growth could be on an upward curve for the industry for quite some time.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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