Ian Macleod Distillers has slashed annual production at its Glengoyne and Rosebank Scotch whisky distilleries by 30% due to weak demand. The Scottish spirits company confirmed the cuts in its financial statement for the year to September 30, 2025, which was filed with Companies House on June 25, 2026, citing the “lower forward-demand outlook.”
The firm reported a 9% drop in full-year turnover to £118 million, down from £128.3 million a year earlier. Profit after tax tumbled 53% to £5.46 million, and operating profit fell from £22.3 million to £16.8 million.
Annual production at the company’s Tamdhu distillery in Speyside “remained at recent output levels,” due to the timing of significant onsite engineering works in recent years. Ian Macleod said Tamdhu’s output would eventually mirror that of the other two distilleries.
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The company’s single malt distillery in Una, Himachal Pradesh, India, will continue to distil throughout the year. The Indian operation made steady returns by supplying bulk blended malt for Indian whisky brands.
In terms of cased turnover, it grew modestly, but bulk whisky turnover fell at a double-digit rate. North American cased sales rose, while demand in Europe and Asia continued to decline. The UK saw a mild reduction.
The company’s visitor centers also faced hardships, which it attributed to lower tourist demand and the newness of two sites. Rosebank, in the Lowlands, opened to the public in June 2024, but cut jobs in September 2025 after visitor numbers fell short of expectations.
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READ THE STORYAs reported by The Spirits Business, Ian Macleod commented on the performance of its various visitor sites, saying: “The performance of these sites will be closely monitored and continuously adjusted so that better returns are made.”
Ian Macleod acquired Glengoyne in 2003 and Tamdhu in 2011. In April, it opened the Laggan Bay Distillery on Islay.
It is not just Ian Macleod that has faced struggles in recent years. Many Scotch producers have also faced difficulties in exporting. In 2025, Scotch Whisky export value fell 1.8% to £5.3 billion, while volumes declined 4.3% to the equivalent of 1.34 billion 70cl bottles, according to The Scotch Whisky Association.
Despite the downturn, Ian Macleod Distillers expressed that it would “continue to invest in sales and brand resources and production facilities that support sustainability, long-term growth and future brand value”.
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