Dingwall's community owned GlenWyvis Distillery targets £1.5m from new bond offers to help realise long-term vision
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GlenWyvis Distillery, a social enterprise 100 per cent community owned and based in Dingwall , has released two new bond offers which will deliver a fixed annual interest rate of up to 6.25 per cent.
The bond offers from GlenWyvis Distillery have been released to allow investors to capitalise on the Social Investment Tax Relief (SITR) which was extended by HMRC until April 5, 2023. These bonds will therefore be eligible for 30 per cent tax relief (SITR), allowing holders who are UK taxpayers to offset a percentage of the purchase from their tax liability.
The bonds, Series B and Series C, will enable the GlenWyvis Distillery to raise £1.5 million which will be used to execute its long-term vision.
Critical to the vision is the ability to increase spirit production and, in turn, increase the stockpile of maturing spirit to enable GlenWyvis Distillery to compete in an international market and satisfy demand for premium single malt Highland whisky bottled at 10 years old or more.
GlenWyvis Distillery also aims to open a visitor centre and bottling plant.
The details of the bond offers are as follows:
Series B
This offer will attract a fixed annual interest rate of 5.5 per cent over five to seven years.
Offered as unsecured loan notes in multiples of £1000, interest will be paid every six months, and notes will be eligible for redemption in three tranches on the fifth, sixth and seventh anniversary of issue (2028-2030).
Series C
This offer will attract a fixed annual interest rate of 6.25 per cent over eight to ten years.
Offered as unsecured loan notes in multiples of £1000, interest will be paid every six months, and notes will be eligible for redemption in three tranches on the eighth, ninth and tenth anniversary of issue (2031-2033).
Speaking about the bond offers, David Graham, chairman of GlenWyvis Distillery Community Benefit Society, said: “More than 3000 like-minded people invested in GlenWyvis to create the first ever 100 per cent community-owned distillery in 2016 and we are one of the largest registered community benefit societies in the United Kingdom.
“We have a clear vision and these bond offers will provide the capital required to execute the business plan to realise our ambition. Our previous bond offer in 2021 was extremely popular and I am confident that Series B and C offer a competitive investment opportunity, particularly if taken out before April 5th when the SITR comes to an end.”
The bond offers are only open to shareholders. However, interested potential investors are encouraged to consider becoming a member which can be done via an online application for a minimum shareholding of £250.
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More details about the bond offer and becoming a member of GlenWyvis Distillery Community Benefit Society can be found at https://www.glenwyvis.com/investment/
In 2021, GlenWyvis Distillery launched Dingwall’s first whisky in almost a century with its inaugural three-year-old GlenWyvis Highland Single Malt Scotch Whisky. Its second release followed in 2022. The Distillery has also won industry awards for its GoodWill Gin.
This year, GlenWyvis Distillery Community Benefit Society launched the GoodWill Fund to benefit good causes in the local community. Funded by 5% of all online sales of GlenWyvis whisky and gin, £10,000 was made available for communities and organisations in Ross-shire to apply for. A further two rounds of funding will be launched throughout 2023, making a total of £30,000 available this year, with further funding rounds being launched each year.
