Scotch whisky maker Compass Box has received a £35 million (US$45.4m) loan from Santander to support its international expansion.
The multi-million-pound ‘asset-backed lending package’ from British bank Santander UK will help the whisky producer to invest in future inventory stock and warehousing to support the growth of the business.
The move will enable the company to continue its focus on procuring quality casks and whisky.
With its presence established in the UK, the US, China, Japan, France and Germany, Compass Box has its sights set on expanding into wider European, Asian and travel retail markets.
The Scotch whisky maker will also use Santander’s global network to reach new contacts overseas.
The chief financial officer of Compass Box, Phillip Blundell, described Santander as “more of a business partner than a typical lender”.
He continued: “The relationships built with the team were a game-changer, alongside their knowledge and understanding of the industry. We can’t wait for the next chapter of bringing more innovation to the whisky sector, and to more markets.”
Founded in 2000 by John Glaser, the whisky blending house is known for its focus on ‘reinventing’ the Scotch category.
It’s been an eventful 12 months for the company, with Glaser leaving the business after 23 years in February. Several weeks later, James Saxon was named whisky-making director in his place.
Last month, the Scotch producer shook up its core range of whiskies, introducing two new blends in the process.
London-based Caelum Capital became the majority shareholder of Compass Box in 2022, which was announced at the same time as ex-Bacardi executive Maurice Doyle’s appointment as CEO of the Scotch whisky business.
Dewar’s producer Bacardi previously owned a minority stake in Compass Box.
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Author: Nicola Carruthers
