REG - Artisanal Spirits Co - Successful Refinancing of Banking Facilities

Artisanal SpiritsAnnouncement

23/09/2025 07:00

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RNS Number : 3288A  Artisanal Spirits Company PLC (The)  23 September 2025

23rd September 2025

 

The Artisanal Spirits Company plc

('ASC', or 'the Company')

 

Successful Refinancing of Banking Facilities

 

The Artisanal Spirits Company (AIM: ART), the creator of outstanding,
limited-edition whiskies and experiences around the world, and owner of The
Scotch Malt Whisky Society ("SMWS"), Single Cask Nation ("SCN"), J.G. Thomson
and Artisan Casks has successfully concluded negotiations and signed a new
financing agreement with Santander plc to replace, and on preferential terms
to, its current revolving credit facility ("RCF") which was due to expire on
19 June 2026.

 

The key elements of the improved terms of the new Asset Based Lending Facility
("ABL") with Santander plc are;

Ø £35m facility availability

Ø 2.05% headline margin rate

Ø 4-year term to September 2029

The new financing agreement represents an increased facility by £13.5m at a
20bps lower headline margin rate and no financial covenants, covering a 4-year
term.

Following completion, The Royal Bank of Scotland RCF of £21.5m has been
completely repaid, alongside the remaining term loan and Lombard cask wood
funding, totalling £0.5m.

The Company's remaining borrowings outwith the new Santander facility, with
Ferovinum (at H1-25; £8.9m), will be repaid as each tranche reaches the
2-year tenor, the final repayment due in August 2026.

As previously announced, H1 2025 net debt rose to £29.5m (H1 2024: £27.0m)
due to US sales phasing. We expect reduction in H2 as profits come through,
though some US cash receipts will fall into FY26. We believe net debt has
peaked as stock investment shifts to replenishment.

Andrew Dane, CEO of The Artisanal Spirits Company, commented:

"We are committed to continuing to ensure that the business is "future-fit"
for the opportunities ahead and I am delighted to announce the completion of
the new facility with Santander that contains a longer term, greater headroom
and lower margin than our existing facilities.

 

"This refinancing supports our broader strategic initiatives and delivery of
results in line with expectations. We continue to diversify our revenue
streams, supported by a rigorous focus on cost discipline and operational
efficiency, where we are actively streamlining our cost base, and this
reduction in interest rate further supports this drive."

 

 

 

For further enquiries:

 

 The Artisanal Spirits Company plc

 Andrew Dane, Chief Executive Officer                     https://artisanal-spirits.com/link/yOOMOy

 Billy McCarter, Chief Financial Officer

 Panmure Liberum Limited (Nominated Adviser and Broker)

 Edward Thomas                                            Tel: +44 (0) 20 3100 2222

 Dru Danford

 John More

 Instinctif Partners (Financial PR)

 Justine Warren                                           Tel: +44 (0)20 7457 2020

 Hannah Scott

About The Artisanal Spirits Company

ASC's purpose is to captivate a global community of whisky adventurers, by
creating and selling outstanding, limited-edition whiskies and experiences
around the world, with an ambition to create a high quality, highly profitable
and cash generative, premium global business.

Based in Edinburgh, ASC owns The Scotch Malt Whisky Society (SMWS), Single
Cask Nation (SCN), J.G.Thomson (JGT) and Artisan Casks. Owning over 18,000
casks primarily comprising Single Malt Scotch Whisky, ASC's stock includes
outstanding whisky (and other spirits) from 150 different distilleries across
20 countries which is sold to members both as individual bottles and whole
casks.

With an established global presence in some 30 countries, SMWS operates a
direct-to-consumer model (90% of revenue) primarily through e-commerce, in
addition to four member rooms in the UK. SMWS provides members with inspiring
experiences, content and exclusive access to a vast and unique range of
outstanding, expertly curated Scotch malt and other whiskies.

In January 2024, ASC acquired SCN which sources, curates and bottles
single-cask whiskies and other spirits selling both online and via traditional
retail channels to its following of over 10,000 whisky enthusiasts in the
USA.SCN also retails to key international whisky markets around the world.

Launched in the UK in late 2021, JGT has a focus on outstanding small batch
blended malt whiskies and other spirits, available both through
direct-to-consumer online sales and through traditional retail channels. The
award-winning brand has subsequently expanded into international markets.

In July 2025, ASC launched Artisan Casks, a luxury private cask programme
allowing private individuals the chance to purchase an individual cask of a
quality that allows for immediate bottling and joining a select network with a
discerning appreciation for finest craftsmanship and luxury experiences.

With proven e-commerce reach and a growing family of brands, ASC is building a
portfolio of limited-edition and small-batch whisky and other spirits brands
for a global movement of discerning consumers - delivering revenue of £23.6
million in FY24, predominantly from outside the UK, with an expanding presence
in the other key global whisky markets including USA, China, Europe, Japan,
Australia and Taiwan.

ASC has a substantial asset backing and is delivering profitable growth and
cash generation.

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