The Lakes Distillery has secured £3.75m in growth funding led by Gresham House Asset Management, a specialist equity investment and asset management company.
The Newcastle headquartered business operates a distillery and visitor centre at Setmurthy, in the Lake District, with the business selling its gin, whisky and vodka products in the UK and abroad.
The funding is to support the growth of the business will be used for capital investment to increase production capacity, for working capital, and to improve the distillery experience for visitors.
The funding comes on the back of an incredible year for The Lakes, with a number of high-profile spirit and liqueur awards and the widely anticipated unveiling of The Lakes Single Malt Whisky – The Whiskymaker’s Reserve – set for September.
Nigel Mills, CEO of The Lakes Distillery said, “We’re delighted about the opportunities this investment opens up. We’ve been on an incredible journey so far, and Gresham House’s investment will allow us to take the business to the next level, grow production capacity and build our brand globally.
“The funding will support the growth of the business, allow us to expand of the amount of single malt stock we lay down for the future, and finance some critical capital expenditure projects, including further enhancing our distillery experience for visitors.”
Graham Bird, Lead Fund Manager at Gresham House Strategic, commented, “The Lakes Distillery has an impressive and experienced management team led by Nigel Mills, as well as an excellent track record in its field.
“With ambitions to float the business in two to three years’ time, this fits our mandate very well for supporting pre-IPO companies as well as highlighting our ability to complete innovative deals which provide attractive, risk-appropriate returns.”
PHOTO: Nigel Mills and Paul Currie, The Lakes Distillery co-founders