Glengoyne and Edinburgh Gin maker continues post-pandemic success
The spirits producer behind Glengoyne whisky and Edinburgh Gin continued its post-pandemic success in a year boosted by the reopening its historic Scottish distillery which closed more than 30 years ago.
Edinburgh-headquartered Ian McLeod Distillers unveiled the newly-rebuilt Rosebank Distillery in June 2023 after extensive work to get the Falkirk facility, believed to have been constructed in the early 1800s, back into working order.
The firm acquired Rosebank in 2017 in a deal which included the brand’s trademark and existing stocks, while a separate deal with Scottish Canals saw it purchase the physical site on the banks of the Forth & Clyde Canal.
The distillery’s original mill, thought to be around 103 years old, has been retained and continues to be used in the production of Rosebank’s whisky, completing its first production run in three decades last June.
In its business review, published in its full year accounts filed with Companies House, Ian McLeod Distillers said: “After a project lasting eight years from conception, the first distillate from Rosebank for 30 years arrived in June 2023.
“The first casks with an entirely justifiable fanfare were warehoused in July. The application of Rosebank’s pre-closure plant configuration has resulted in a spirit of character and complexity which has exceeded expectation and wholly justifies the company’s enduring commitment to the project.”
Rosebank’s relaunch has coincided with a successful financial year for Ian McLeod, which saw the family business bank pre-tax profits of more than £33m in the year ended September 30, 2023.
While down on the previous year – during which pre-tax profits hit £42m – it marks a significant uptick on the firm’s pandemic figures. Profits dipped to £18m in 2021 – the firm’s lowest in decades.
However, the company said the international appetite for craft spirits had returned with vigour.
It added: “Over recent years, the group has benefited from the strong worldwide demand for packaged and bulk single malt scotch whisky and the recent strength of the UK gin market.
“As well as brand investments, the group invests significantly in operational assets and stock to support current and future growth.”
Revenue at Ian McLeod Distillers edged up to £160m from £159.5m during the year.