Lakes Distillery secures investment from Comhar Capital

UK-based Lakes Distillery has secured an investment from investment company Comhar Capital to fund its growth plans.

Comhar Capital, which invests in businesses run by growth-orientated owner-managers, made an equity investment of £4.25m ($5.5m) in Lakes Distillery.

The distillery, in its press statement, said it will use the capital to support its plans of stock build growth and capital expenditure projects.

The Lakes Distillery co-founder and CEO Nigel Mills said: “Our vision is to create a global luxury single malt whisky brand. It’s an ambitious goal and one which means quality is at the heart of everything we do. A sentiment very much shared by Comhar.

“The new investment will help to sustain our ongoing programme of capital investment which, in 2020, will see single malt whisky production treble to in excess of one million bottles, the installation of eight new washbacks to facilitate 24-hour distillation, construction of a new racked warehouse and support for our aspiration to increase sales in the UK, Europe, Asia and the US.”

Under the agreement, Comhar will acquire an undisclosed stake in The Lakes Distillery.

Comhar managing director Craig Wilkinson said: “We’re looking forward to working with Nigel and the team at The Lakes Distillery as they continue to grow the business.

“In a relatively short space of time, Nigel and the team have successfully established The Lakes brand in the market and its reputation for quality. The Lakes Distillery is very impressive and a real credit to the team.”

Last June, Lakes Distillery secured an investment from a group led by Gresham House Asset Management.

The funding came in at a time when Lakes Distillery was planning to launch ‘The Lakes Single Malt Whisky – The Whiskymaker’s Reserve’ later that year.