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Compass Box eyes global expansion with £35m funding boost

23 October 2024 By Eloise Feilden

Independent blended Scotch whisky brand Compass Box has secured a £35 million lending facility from Santander UK to fund expansion in Europe and Asia.

Compass Box is currently established in the UK, US, China, Japan, France and Germany and is looking to expand into wider European, Asian and travel retail markets as it grows.

British Bank Santander UK is backing the independent Scotch maker’s ambitions with a new asset-backed lending package. The bank said in a statement that the £35m package would allow the brand to invest in the quality of current and future stock as well as warehousing to support the future growth of the business.

Compass Box will utilise the funds to purchase casks and whisky. The brand also aims to use Santander’s international network to make overseas contacts to further expand key areas of the business overseas, the bank said.

Phillip Blundell, chief financial officer at Compass Box, said the company viewed Santander “as more of a business partner than a typical lender”.

Compass Box was founded in 2000 by American ex-pat John Glaser, a former marketing director at Johnnie Walker. In March 2024 Glaser announced he would be stepping down after 23 years at the helm. He remains a shareholder in the company.

The blended Scotch brand has garnered significant attention from big players over the years, Bacardi bought a minority stake in Compass Box in 2015, which it held until 2022. The same year, London-based investment firm Caelum Capital acquired a majority stake in the business and invested additional equity to fund the growth plans of the business. Maurice Doyle, a former Bacardi executive, was named as its new CEO.

This year, Compass Box reshaped its core range to introduce two new blends. Nectarosity and Crismon Casks will join pre-existing labels Orchard House and The Peat Monster.

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