A community-owned Scotch whisky distillery, believed to be the first in the world, is close to collapse following a “prolonged period of financial pressure”.
GlenWyvis Distillery, near Dingwall, which was set up just 11 years ago, is expected to appoint administrators amid mounting losses and a failure to find further funding.
Amid a wave of enthusiasm for the communal ownership project, the society raised £2.6 million for building the distillery and operations began in 2017.
Its backers are understood to include former SNP Westminster leader Ian Blackford and the former deputy first minister Kate Forbes.
It has now emerged in an email that the project is under pressure and that the society will file a notice of intention to appoint administrators at the Court of Session. According to The Times, the company recorded a £292,000 loss last year.
The email to investors notes the “challenging conditions across the whisky market”, increased operating costs and ongoing “issues” with the landlord.
Interpath Advisory was appointed to undertake an external fundraising process which “generated certain interest” but has not secured the necessary capital to allow the society to continue to trade as a going concern.
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