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Nc’nean Distillery has secured a Virgin Cash funding package deal with the backing of UK Authorities division UK Export Finance (UKEF) to assist the unbiased distillery develop in North American markets and produce its imaginative and prescient for sustainable, natural Scottish whisky abroad.
Taking its identify from Neachneohain – a Gaelic goddess often called the Queen of Spirits and as a fierce protector of nature – Nc’nean Distillery produces natural whisky which is making a giant impression on abroad markets whereas making the smallest environmental footprint potential.
The distillery is understood for its dedication to sustainability, in addition to its experimentation with completely different strains of yeast. The workforce use 100% natural Scottish barley in a distillery powered by renewable vitality from a wood-chip biomass boiler, recycle 99.97% of their waste, and bottle the whisky in 100% recycled glass.
In addition to being topped Craft Producer of the 12 months 2023 on the Icons of Whisky Scotland Awards, Nc’nean have been lately recognised at no. 21 within the World’s Most Admired Whiskies. Their rising workforce of 19 now produce plenty of completely different of whiskies from the distillery close to Drimnin on the Morvern peninsula of Scotland’s west coast.
The funding package deal from Virgin Cash will assist Nc’nean as they proceed to develop and transfer into new worldwide markets. The US and Canada will proceed to be a key development space for the distillery as their Natural Single Malt turns into accessible in an increasing number of states throughout each nations.
Virgin Cash’s Strategic Finance and Commerce Finance groups labored intently with UK Export Finance (UKEF) to construction a deal to assist Nc’nean obtain their ambitions. UKEF supported Virgin Cash in offering a tailor-made funding package deal, issuing a Normal Export Facility (GEF) mortgage assure which lined 80% of the financing and enabled Virgin Cash to finish the transaction. The GEF product is a versatile government-supported scheme that helps UK export companies – particularly SMEs – to entry working capital amenities, serving to to enhance cashflow or velocity up worldwide commerce development.
Annabel Thomas, CEO of Nc’nean Distillery mentioned: “Our partnership with Virgin Cash has been crucial to Nc’nean as we develop and develop the enterprise, and this latest funding package deal has been implausible to assist our growth to new markets.”
Craig Wilson, head of FX gross sales & commerce finance at Virgin Cash mentioned: “Nc’nean Distillery has entrepreneurship and sustainability at its coronary heart, and that is embodied within the founder Annabel who we’re delighted to have been in a position to assist within the subsequent step in her enterprise development journey. At Virgin Cash we purpose to make sure companies have entry to key specialists that may add worth on the proper time, and by bringing collectively the abilities of our Commerce Finance workforce, who can be found to assist internationally buying and selling companies, our Strategic Finance colleagues and UK Export Finance, now we have delivered a profitable package deal for the shopper.”
Lara McGrath, UKEF Export Finance Supervisor, added: “UKEF is happy to assist Nc’nean Distillery, a small enterprise in considered one of Scotland’s most iconic export markets, with its formidable plans to speed up its development and export sustainable whisky to new abroad markets. We share Nc’nean’s ardour and drive for bringing high quality, sustainable Scottish produce to new markets, and we stay up for supporting extra firms within the Scottish Meals and Drink sector with our Normal Export Facility. This newest deal builds on £325 million in working capital which we unlocked for small companies all around the UK with the Normal Export Facility final yr.”
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