Investors have shown confidence in the expansion plans of Isle of Barra Distillers Ltd – to the tune of £1.25 million in pledged support.
The distillery yesterday (Monday 10 May) issued an update brimming with positivity, after what they described as ‘an incredibly busy time’ over the six weeks since their share offer was introduced.
Private equity investors and pre-cask sales of the whisky they hope to distil have generated the total to date, and a distillery spokesperson said: “Positive discussions are ongoing with a number of other high net worth individuals and we feel we're heading in the right direction to hit our target figure of £5m.
“The investors that have pledged their support have a love of Scotland, or of the Outer Hebrides, or of whisky, or all three.
“We are increasingly encouraged. We are finding private equity investors who are sharing the vision that we have. The majority of investors would expect to see short-term returns when they put money into a venture. We are seeing investors who really like the long-term nature of this.”
Isle of Barra Distillery already distils a successful and award-winning Atlantic Gin flavoured with carrageen seaweed harvested in the Isle of Barra, but they plan to launch a new island whisky from a new distillery visitor centre.
The distillery’s ‘ideal investor’ shares their desire to build a lasting legacy for the Isle of Barra and for future generations.
The new distillery building and visitor centre that they have in mind will generate new, sustainable jobs for those working directly with the business but also substantially benefit the wider community, not only the hospitality industry but many businesses both on the Isle of Barra and across the Western Isles in general.
Shares are valued at £50,000 and offer shareholders a share in the business profits, a first year filled cask and their name on a Founders Wall within the distillery’s visitor centre. Other benefits include private tours and tastings and regular updates on the build progress.
You can find out more about the distillery and the share offer on https://www.facebook.com/BarraDistillers/
Pictures show the existing Barra Gin and an arcitect’s design for the new distillery building.