AN ABERDEENSHIRE whisky auction site is poised for global expansion after selling a stake in the family business.
Whisky Hammer, and its sister retail business Still Spirit, have sold a 49 per cent stake to Rare Whisky Holdings, a whisky investment group based in Hong Kong.
Macduff brothers Daniel and Craig Milne set up Whisky Hammer in 2016.
The multi-million-pound deal will deliver a 2.6X return to retail investors on their original investment, who participated in its crowdfunding campaign just two years ago.
The success and potential of Whisky Hammer have been recognised by Rare Whisky Holdings, which is the same management team behind the Platinum Whisky Investment Fund, the first private equity fund in the world to focus on rare single malt whiskies.
Rare Whisky Holdings also owns the Glenor Cask Company, which holds 1000 casks of maturing single malt, blended and grain whiskies.
The new investment and partnership ensures registered members of Whisky Hammer and Still Spirit will receive exclusive access to a range of cask opportunities for the long-term.
Whisky Hammer hosts monthly auctions, dedicated to whisky and other fine spirits, allowing buyers and sellers from every corner of the globe to participate. It has auctioned a wide range of whiskies, both bottles and casks, with auctions selling in excess of £1 million under the hammer each month.
The customer base of Whisky Hammer features an extensive global network of whisky enthusiasts who buy and sell on the platform, resulting in a 70 per cent growth in revenue last year.
Whisky Hammer relocated in 2019 to a new, purpose-built facility at Udny, near Ellon, which is also home to Still Spirit, a whisky shop, e-commerce site and dram bar offering over 100 rare whiskies.
Daniel Milne, managing director of Whisky Hammer and Still Spirit, said: “This is a very exciting time for our business.
“The transaction signifies an important bond with our new Asian partner that will rapidly bring the group to the next phase of growth, and we are incredibly excited about what lies ahead.
“In addition, we are delighted to have generated a substantial return for our crowdfunding investors that helped us build the business to where it is today.”
Rickesh Kishnani, co-founder of Rare Whisky Holdings, said: “Our investment group is proud to join the Milne family business and help with their expansion to Asia, where the demand for whisky continues to grow at a rapid pace.
“We are also excited to use this new partnership to provide Whisky Hammer and Still Spirit members with exclusive access to our collection of aged casks.”