Scotch Malt Whisky Society owner, The Artisanal Spirits Company, has reached agreement with Santander on a £35 million facility, an increase of £13.5m on its previous deal.
The Royal Bank of Scotland’s £21.5m revolving credit facility has been fully repaid, along with £500,000 in other loans.
Other borrowings outwith the new Santander facility will be repaid in due course.
As previously announced, first half net debt rose to £29.5m (H1 2024: £27m) due to US sales phasing. The company expects a reduction in H2 as profits come through, though some US cash receipts will fall into FY26. It believes net debt has peaked as stock investment shifts to replenishment.
Andrew Dane, CEO of The Artisanal Spirits Company, commented: “We are committed to continuing to ensure that the business is “future-fit” for the opportunities ahead and I am delighted to announce the completion of the new facility with Santander that contains a longer term, greater headroom and lower margin than our existing facilities.
“This refinancing supports our broader strategic initiatives and delivery of results in line with expectations.
“We continue to diversify our revenue streams, supported by a rigorous focus on cost discipline and operational efficiency, where we are actively streamlining our cost base, and this reduction in interest rate further supports this drive.”
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