The Penderyn Distillery, a Welsh whisky manufacturer, is has secured a £900,000 finance package to support export growth.
The financial support, provided by HSBC, will enable Penderyn to triple its production and single malt whiskies to between 400,000 and 500,000 bottles per year.
Penderyn said it is seeking to rival Scottish whiskies in the global market but needs to increase its international presence. The firm currently exports just 20% of its produce, compared to 80% of Scottish whisky being sold overseas.
Founded in 1998, the Penderyn Distillery began distilling in 2000 and now has 30 employees and a turnover of £4 million. Its first Penderyn Single Malt Whisky was launched by Prince Charles in 2004 and sold out on the first day.
The Penderyn Distillery said the investment to expand production capacity could potentially double turnover within five to seven years, which is the length of time it takes to produce the new whisky because of the ageing process.
Managing Director Stephen Davies said: “The growth of the business has been constrained by a lack of production capacity, rather than a lack of demand, so this investment will help us to propel the company forward.”
He added: “Although we are the only Welsh whisky producer with a product on sale, we differentiate ourselves from Scottish and Irish whisky producers on taste and production process.”
Penderyn whisky is produced using Brecon Beacon spring water, matured in old Bourbon casks from Buffalo Trace in Kentucky and finished in Madeira barrels, giving it a distinctive taste.
Learn more about how your company can support international growth at TM’s Accelerated Growth: Export Connect event in London on October 16.