INDEPENDENT Scottish organic whisky distillery, Nc’nean Distillery Limited, has secured a strategic funding package from Virgin Money, supported by UK Export Finance (UKEF), to fuel its growth in North American markets and advance its mission of bringing sustainable, organic Scottish whisky to a global audience.
Taking inspiration from Neachneohain, the Gaelic goddess known as the Queen of Spirits and a fierce guardian of nature, Nc’nean Distillery has gained international acclaim for its dedication to sustainability and innovative use of different yeast strains. The distillery produces organic whisky with the smallest possible environmental footprint, utilising 100% organic Scottish barley, renewable energy from a wood-chip biomass boiler, and 100% recycled glass for bottling, among other eco-friendly practices.
Renowned for its commitment to environmental stewardship, Nc’nean Distillery was named Craft Producer of the Year 2023 at the Icons of Whisky Scotland Awards and secured the 21st position in the World’s Most Admired Whiskies. With a team of 19, the distillery, situated near Drimnin on the Morvern peninsula of Scotland’s west coast, produces a range of distinctive whiskies.
The funding package from Virgin Money will play a pivotal role in supporting Nc’nean Distillery’s growth trajectory as it expands into new international markets. The United States and Canada, in particular, remain key areas of focus for the distillery as it introduces its Organic Single Malt to an increasing number of states in both countries.
Virgin Money’s Strategic Finance and Trade Finance teams collaborated closely with UK Export Finance to structure a tailored deal that aligns with Nc’nean Distillery’s ambitions. UKEF supported Virgin Money by providing a General Export Facility (GEF) loan guarantee, covering 80% of the financing and facilitating the completion of the transaction. The GEF product, a flexible government-supported scheme, enhances working capital facilities for UK export businesses, particularly SMEs, supporting improved cash flow and accelerated international trade growth.
Annabel Thomas, CEO of Nc’nean Distillery, expressed the significance of the partnership with Virgin Money, stating, “Our partnership with Virgin Money has been critical to Nc’nean as we develop and grow the business, and this recent funding package has been fantastic to support our expansion to new markets.”
Craig Wilson, Head of FX Sales & Trade Finance at Virgin Money, highlighted the alignment of values, stating, “Nc’nean Distillery has entrepreneurship and sustainability at its heart, and this is embodied in the founder Annabel, who we are delighted to have been able to support in the next step in her business growth journey.”
Lara McGrath, UKEF Export Finance Manager, expressed UKEF’s pleasure in supporting Nc’nean Distillery’s ambitious plans to export sustainable whisky to new overseas markets, emphasising their commitment to assisting companies in the Scottish Food and Drink sector.
The latest funding deal builds on the £325 million in working capital unlocked for small businesses across the UK with the General Export Facility last year, showcasing the collaborative effort to champion sustainable practices in the Scottish whisky industry. Nc’nean Distillery’s innovative approach to whisky production aligns with Scotland’s rich heritage, showcasing its commitment to delivering quality and sustainability on the global stage.
