SPARK Advisory Partners Limited (“SPARK”) is pleased to announce it has acted as Nominated Adviser to Distil plc, (AIM ticker: DIS) in relation to its £3.2m placing. Distil has also entered into investment arrangements with Ardgowan Distillery Company Limited to part fund the development of a new whisky distillery by Ardgowan, and enter into a Manufacturing Agreement and a Mutual Services Agreement with Ardgowan to take advantage of the operational and strategic opportunities presented by the Investment.
An initial tranche investment of £3m – by way of a convertible loan – has been approved by shareholders of the AIM quoted company, with the potentially of an additional investment of up to £2m.
The investment will see Distil build a permanent home for Blackwoods Scottish Gin on the site, including stills, gin school and visitor centre, with white spirit production and NPD overseen by Edwards Distillers, led by Master Distiller, Sion Edwards. Distil will also gain access to Ardgowan’s Master Whisky Maker, Max Macfarlane (Highland Park, Glengoyne, Bunnahabhain, Tamdhu), to develop a separate Distil blended malt whisky brand yet to be revealed.