Scotch whisky producer Ardgowan Distillery Company Ltd has converted £14 million in convertible loan notes into equity and secured a further £4.2 million in new funding. The investment strengthens the company’s balance sheet as it progresses towards its first single malt release.
The conversions include £3 million held by Distil Plc.
According to the company, the move “materially strengthens the distillery’s balance sheet and reflects the continued confidence of its investor base in the long term value of the project.”
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READ THE STORYArdgowan said the new funding will support “ongoing operations, production programme and commercial development” ahead of the inaugural bottling. The producer has also revised existing shareholder and investment agreements to create a “leaner, more straightforward ownership structure.”
Ardgowan was built on the historic Ardgowan Estate. It became the first new distillery in Inverclyde for more than a century upon completion and first distillation in June 2025.
In addition to its classic unpeated distillate, the distillery reached a further milestone with the first distillation of heavily peated spirit across June and July. The spirit is being laid down for future Ardgowan single malt bottlings.
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Roland Grain, CEO of Ardgowan Distillery Company Ltd, said: “This clean up is the result of an enormous collective effort from our investors, our shareholders and our team. The commitments made by so many people to support this distillery in the challenging early stages speak to the belief that exists in what we are building here.”
He added: “This marks the end of the early phase of the project, and we are now in a far stronger position, with a clearer structure, a strengthened balance sheet, and a defined path forward.”
Grain also pointed to the distillery’s maturation strategy. “We remain focused on what has always driven us: an exceptional wood policy coupled with long term maturation to recreate the golden era of European oak Sherry cask matured Single Malt,” he said.
“Such dedication to quality requires patience and investment though, and I remain open to additional strategic, long term investment partners as we move towards our goal.”
While the single malt matures, the company continues to release independent bottlings under its Clydebuilt brand.
