UK – The Lakes Distillery has secured £4.25 million (US$5.5 million) in funding from investment company, Comhar Capital to support its growth plans.
The British business was set up in 2011 and produces single malt and blended whiskey, vodka and gin. The company aims to see single malt production treble to one million bottles in 2020 as it moves to increase sales across the UK, Europe, Asia and the US.
With its investment Comhar Capital has acquired a minority share in the business while supporting Lake Distillery’s ambitious stock build growth and capital expenditure projects.
The funding is the fourth investment from Leeds-based Comhar Capital, which was established in 2018 by Neil Armstrong and Craig Wilkinson. Comhar managing director Wilkinson will join The Lakes Distillery’s board.
Nigel Mills CBE, co-founder and CEO of The Lakes, said, “Our vision is to create a global luxury single malt whisky brand. It’s an ambitious goal and one which means quality is at the heart of everything we do. A sentiment very much shared by Comhar.
“The new investment will help to sustain our ongoing program of capital investment which, in 2020, will see single malt whisky production treble to in excess of one million bottles, the installation of eight new washbacks to facilitate 24-hour distillation, construction of a new racked warehouse, and support for our aspiration to increase sales in the UK, Europe, Asia and the US.”
Craig Wilkinson, Managing Director at Comhar, commented, “We’re looking forward to working with Nigel and the team at The Lakes Distillery as they continue to grow the business.
“In a relatively short space of time, Nigel and the team have successfully established The Lakes brand in the market and its reputation for quality. The Lakes Distillery is very impressive and a real credit to the team.”
Last June, Lakes Distillery secured a £3.75 million (US$4.7m) investment from a group led by Gresham House Asset Management to support the growth of the business and allow the company to expand its single malt stock.