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25 minutes ago Getty Images GlenWyvis Distillery Ltd released its first whisky in 2021 The operators of a community-owned distillery in the Highlands say they intend to call in administrators due to "commercial and legal challenges" and costs. GlenWyvis Distillery Ltd, near Dingwall, was launched in 2015 with the support of 3,000 investors, and it released its first whisky in 2021. The company has filed a notice of intention to appoint administrators at the Court of Session in Edinburgh.
In a statement, the distillery said: "The decision follows a prolonged period of substantive commercial, operational and legal issues on the business, driven by challenging conditions across the whisky market, rising operating costs and sustained external pressures." The company described its facility as the world's first 100% community-owned craft whisky distillery when it opened in 2017 . In its statement, the company said filing the notice did not mean administrators had been appointed. It said the process provided it with a period of protection for up to 10 days while the next steps for the business were progressed.
Interpath Advisory has been nominated as joint administrators. Chairman Jock Ramsay said: "This is a very sad day for all of us associated with GlenWyvis Distillery. "For 10 years this distillery has been owned by its community and sustained by the extraordinary support of its members, volunteers and staff and the team explored every available option to secure its future." He added: "Our focus now is on working with the proposed joint administrators to achieve the best possible outcome for our members, creditors and the wider community, and we will keep our members informed at every stage."
Source: BBC
