We are delighted to have advised The BenRiach Distillery on their acquisition of The Glenglassaugh Distillery Company Limited.
We were engaged to perform a due diligence review of Glenglassaugh to fully understand the key business risks and value drivers. Glenglassaugh, based in Portsoy in Aberdeenshire, was ‘mothballed’ between 1986 and 2008. Production resumed in November 2008, but due to the 22 year period of inactivity there was a significant gap in the age profile of stock. In order to support the investment of laying down stock, the business adopted a strategy which saw them produce a number of white spirits to generate some trading income.
We provided financial due diligence services to The BenRiach Distillery Company Limited ('BenRiach') in respect of its March 2013 acquisition of The Glenglassaugh Distillery Company Limited (‘Glenglassaugh’).
Our scope of work included a detailed review of the forecast trading business plan for Glenglassaugh, including an assessment of the assumptions used to in its preparation.
This included understanding key revenue drivers, including the introduction of new products, and detailed work around the cash flow assumptions.
We have worked with Grant Thornton for a number of years, so when the Glenglassaugh acquisition opportunity arose, their strong sector insight made them the logical choice of advisor. Throughout the process I was impressed by the professionalism and commercial acumen, and the due diligence report enabled us to unlock the funding required to support us with our growth strategy. I would highly recommend the Grant Thornton corporate finance team.Billy Walker Managing Director, The BenRiach Distillery Company Group