Scottish distillery investment

Scotland’s first Minister Alex Salmond re-opened Glenglassaugh Distillery on Monday, 35 years after its closure. Investment in this rural part of north eastern Scotland has been welcomed by the local community after the distillery was bought by an investment house earlier this year.

The Aberdeenshire distillery was bought in January by European investment house, Scaent, for a reported £5 million. Since acquiring the distillery, Scaent has invested heavily in a rejuvenation project in the hope of starting production by the end of this year with the aim of supplying whisky to the luxury end of the market.

On opening the distillery, Salmond said: “The re-opening of Glenglassaugh Distillery is a historic event and brings much needed investment to the local community. At times such as these it is very uplifting to see such an iconic distillery brought back to life."

Swedish company Scaent traded in electricity since 2003 and has now expanded globally to become one of Europe’s leading energy market experts, diversifying its interests in real estate, software, public services, consumer goods and manufacturing.

Glenglassaugh Distillery, situated on the Banffshire coast, was originally built in 1875 but closed in the 1980s due to the difficulty of operating a small, isolated distillery despite its accessibility to a local water supply and barley fields.
 
Jane Parkinson 26/11/08