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Scotch Malt Whisky Society owner lists with £78m valuation

Scotch Malt Whisky Society owner lists with £78m valuation

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The Scotch Malt Whisky Society’s owners, the Artisanal Spirits Company, has announced the admission of its entire issued share capital to the London Stock Exchange’s Alternative Investment Market (AIM).

The shares were priced at 112p, giving it a value of £77.96m ahead of trading today. The shares rose to a small premium to the offering price at 8am opening, trading in the first hour at 117.5p.

The Initial Public Offering has raised £26m from an issue of 69,605,774 ordinary shares, including gross proceeds of £15m for the company and £11m for certain selling shareholders.

Scotch Malt Whisky Society members invested £2.64m as part of the oversubscribed members’ offer, restricted to UK members. New chairman Mark Hunter invested £1m.

The net proceeds, together with existing long term debt facilities, will primarily be used to fund further investment in whisky and other spirits stock, along with cask wood, the promotion of membership and business growth, existing and new venues, brand and digital development, and supply chain optimisation.

Headquartered in Edinburgh, the Artisanal Spirits Company engages both spirit and cask selection in active management of the maturation process.

The Scotch Malt Whisky Society was founded in 1983 and currently has a worldwide membership of approximately 28,000 paying subscribers and a presence in more than 30 international markets.

Last year, revenue growth excluding sales from UK venues and events – which were significantly impacted by the Covid-19 pandemic – was 22%.

As at 31 December 2020, the group had more 14,000 casks – equivalent to approximately 4.3 million standard 70cl bottles – of whisky in its reserves.

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