A South Wales whisky distillery based at the foothills of the Brecon Beacons has secured a multi-million finance facility from HSBC UK to aid its ambitious growth targets over the next five years.
Penderyn Whisky, which produces award-winning single malt whiskies and spirits, is using the funding to secure its production levels and to build and equip its new visitor centre in Llandudno, North Wales.
The new visitor centre, which will open on the site of a former school, is expected to be complete by spring 2021 and attract up to 100,000 people a year once open. The centre and distillery will create more than 17 new jobs for the local economy.
Warren Lewis, Head of Corporate Banking in South Wales, HSBC UK, said:
“We’ve been working with Penderyn for the last 20 years and we are continually impressed by its ambitious growth strategy and ability to adapt to changing market conditions. Whisky distillers must always be one step ahead as the process of maturing whisky can eat away at cash reserves, so this latest round of funding will help the business lay down enough whisky to be true to its sales projections as well as open it’s second distillery and visitor centre. We look forward to visiting the new site when things return to normal.”
Huw Thomas, Financial Director, Penderyn Whisky, added:
“We’ve banked with HSBC UK since our days as a start-up distillery and the team has been with us at every step of the way since. With the bank’s most recent support, we’re able to futureproof the business and expand into a new market for the first time, creating both a visitor attraction in North Wales and jobs for the local economy. Working capital is essential for the smooth running of businesses like ours and we’re incredibly grateful to HSBC UK, especially our relationship director Craig Grant, for helping us on the next stage of this exciting journey.”
The planning application for the visitor centre in Llandudno has been submitted, with work due to commence on site in July if approved.