The Artisanal Spirits Company toasts signing of Uddingston facility lease
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The Aim-quoted firm said the contract, initially announced as a heads of terms agreement in September 2021, will provide the group with greater control of its supply chain, with a view to improving margin contribution.
The facility spans 37,000 square feet and comprises a warehouse, production building and offices, and is located on a secure yard with good transport links, the firm added.
Design work and the process of sourcing equipment is under way and the installation is scheduled to begin early next year. The facility is expected to become fully operational in the second half of 2022 and will have around ten staff.
The move comes after the Artisanal Spirits Company earlier this year made its £78 million stock market debut, and secured a “cornerstone” investment from BGF. It said last month that it was confident of doubling sales by 2024, after seeing a 20 per cent increase in revenues for the six months to June 30 to £7.9m, slightly ahead of management’s expectations.
The spirits firm said the facility in Uddingston provides it with enhanced capability to supply its growing SMWS membership with ultra-premium Scotch malt whisky and other spirits.
Additionally, global membership of SMWS, which curates and provides premium single cask Scotch malt whisky and other spirits for sale primarily online, has now surpassed 30,000 for the first time, “with the recent uptake from UK members being particularly encouraging following the phased reopening of venues and relaxing of Covid-related restrictions”.
Executive managing director David Ridley said: “Securing a long-term lease at a newly refurbished supply chain facility comes at an exciting time for us as we continue to scale up the business with the [initial public offering] proceeds. The facility will allow us to take greater control over the group’s supply chain, whilst also providing us with the resources to supply our growing membership.
“To have attracted 30,000 members worldwide is testament to our offering and signifies an exciting milestone for the group, and we look forward to further membership growth, while continuing to excite our existing members, with an increasing variety of flavours and quality SMWS products in the years to come.”