Lakes Distillery weighs potential £15m float on AIM
The Lakes Distillery is exploring a potential multi-million pound float on London Stock Exchange sub-market AIM.
The single malt whisky maker has appointed financial services firm N+1 Singer as its nominated adviser and broker for a possible admission and fundraising to generate up to £15m in growth capital.
The cash raised would be invested in increasing production and broadening its global distribution channels.
If it goes ahead, Lakes Distillery said the IPO could take place later this year. A meeting this month will seek approval for the deal from existing shareholders.
The company was set up in September 2011 by Paul Currie, now the firm’s COO, when he bought the Lake District distillery site. He was joined in April 2012 by CEO and co-founder Nigel Mills, and the business commenced operations in December 2014.
In addition to its facility in Cumbria, Lakes Distillery has a base in Newcastle.
Nigel said: “The Lakes Distillery has strong brand credentials, is located in an area of outstanding natural beauty, the Lake District National Park, a UNESCO World Heritage site, and has a successful track record of innovation and brand development.
“We believe we are well positioned for growth, with multiple revenue streams, and an appreciating asset in the form of our whisky stock, developed using our multi-oak, multi-sherry led production process.”
He continued: “We are exploring an IPO as a flexible source of capital to allow us to increase our production significantly, whilst remaining independent and focused on quality, as well as investing in our whisky stock, our sales and marketing capabilities and our distribution channels. Ultimately this will help us to achieve our ambition to build a global luxury whisky brand.”
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