Independent British spirits makers continue to go from strength to strength, according to UHY Hacker Young, the national accountancy group. The industry grew 8.7% in 2023, up from 356 distilleries to 387, while, in Scotland, 3 new distilleries were registered in 2023. The company also report that whisky is now worth a quarter of all UK food and drink export value.
James Simmonds, Partner at UHY Hacker Young, says, “The premium prices consumers are willing to pay for higher margin, luxury brands is seeing both entrepreneurs and bigger spirits companies continue to rush to capitalise on the market. Spirits, including whisky, have been one of the UK’s success stories. The expectation is that, longer term, there is much more growth to come in the UK’s heritage spirits brands.”
He continues, “Strong levels of demand are seeing new distillers continue to enter the market, while savvy entrepreneurs in the business are also taking advantage of additional revenue streams such as distillery tours and tastings.”
“During the lockdowns of 2020 and 2021, people found themselves looking to recreate a bar experience at home and treat themselves to artisanal spirits. Interestingly, this taste for luxury has not tapered off – it’s only got stronger.”