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Crucial Drinks eyes up expansion after £2m boost
Crucial Drinks is set to boost international growth and double its business within two years, after securing £2m of investment.
The Ayrshire-based company has raised the funds through a combination of the bank and existing shareholders, to drive efficiency as well as continuing to build the profile of its brands.
These include The Lost Distillery Company, which recreates ‘lost’ craft whiskies from historic archives, Grenadian rum brand Six Saints and West Indies Rum & Cane Merchants.
The company currently exports to around 40 global markets but is keen to develop key markets including Germany, France, Asia and North America, it said.
Co-founders Scott Watson said its shareholders and bank shared its ambition and vision to double the business by 2018.
“Our combined efforts with Clydesdale and our shareholders has been extremely successful. These funds are vital to us achieving the growth and scale we have planned to extend existing operations in Scotland, while meeting the increasing consumer demand for our artisan brands,” he said.
Clydesdale relationship manager Linda Paterson said the bank was proud to support food and drink businesses and help them achieve their growth ambitions and described the company as a highly regarded and innovative drinks exporter.
The company recently announced it was moving its operation to Dumfries House, the 18th estate saved from ruin by Prince Charles, which is becoming a hub for small and craft businesses. The move will see its offices and a new whisky experience on-site, although it currently has no plans to develop its own distillery.
The Lost Distillery Company buys a selection of whiskies from 40 distilleries around Scotland as well as individual casks by hand from third parties, to give it various difference characteristics to recreate the flavour of the historic ‘lost’ blends, which are then blended and bottled close to Loch Lomond.
“Not relying on our own distillate has allowed us to really get to the heart of our research allowing us to make faithful interpretations of these old whiskies,” it said.