Ardgowan Distillery eyes whisky milestone with fresh investment and ‘leaner’ ownership

Ardgowan Distillery has secured fresh investment and unveiled a “leaner” ownership structure as it continues the journey towards its first whisky release.

The whisky producer, located on the historic Ardgowan Estate, became the first new distillery in Inverclyde for more than a century upon its completion and first distillation in June 2025.

In addition to producing its classic unpeated distillate, the new venture reaches another milestone with the first distillation of heavily peated spirit in June and July as it builds its stock portfolio of spirit laid down for future Ardgowan single malt bottlings.

A drone view of Ardgowan Distillery and its stunning Inverclyde setting.

Ardgowan said it had now successfully converted £14 million in convertible loan notes (CLNs) into equity, including £3m held by Distil plc. These conversions are said to have materially strengthened the distillery’s balance sheet and reflect the “continued confidence of its investor base in the long term value of the project”.

Alongside those loan note conversions, Ardgowan has secured substantial new funding to the tune of £4.2m. This investment will support the distillery’s ongoing operations, production programme and commercial development as it works towards its maiden single malt release.

Existing shareholder and investment agreements have been revised to create a “leaner” and “more straightforward” ownership structure.

Roland Grain, chief executive Ardgowan Distillery Company, said: “This clean up is the result of an enormous collective effort from our investors, our shareholders and our team. The commitments made by so many people to support this distillery in the challenging early stages speak to the belief that exists in what we are building here.

“This marks the end of the early phase of the project, and we are now in a far stronger position, with a clearer structure, a strengthened balance sheet, and a defined path forward. We remain focused on what has always driven us: an exceptional wood policy coupled with long-term maturation to recreate the golden era of European oak sherry cask matured single malt.

“Such dedication to quality requires patience and investment though, and I remain open to additional strategic, long-term investment partners as we move towards our goal,” he added.