Dundee entrepreneur Tony Banks has acquired the Eden Mill Distillery in St Andrews for an undisclosed sum, securing the future of the business and protecting all 42 jobs.
The purchase was completed through Mr Banks’ investment firm Ruby Capital and includes the distillery’s leasehold interest, brand, stock, equipment and intellectual property. Mr Banks, who joined the Eden Mill board earlier this year, is also known for founding and later selling the Balhousie Care Group in 2022.
The deal follows the appointment of Kenny Craig and Kevin Mapstone of Begbies Traynor as joint administrators of parent company St Andrews Brewers Limited on 18 November. The company had experienced ongoing cash flow issues after delays in the opening of its new visitor centre, which launched around 12 months later than planned and missed the key summer tourism window.
According to Begbies Traynor, the business was also impacted by a broader downturn in whisky exports and changing consumer behaviour, factors that have affected producers across the sector.
Thomas McKay, managing partner of Begbies Traynor in Scotland, said, “The whisky sector as a whole continues to have a number of challenges at this time, largely as a result of the ongoing recession in the global whisky market. Eden Mill experienced a drop in sales and delays in the opening of its flagship visitor centre in St Andrews, which took around 12 months longer than expected to open its doors, creating cash flow difficulties for the business.
“With 42 jobs at risk, an accelerated sale took place to preserve value in the business and assets and to restructure the core business. The Eden Mill brands and assets have now been sold to the new owners and all employee jobs have been saved as part of the restructure.
“Thank you to St Andrews University, the landlords of the business, for their assistance and support during this restructure.
“We hope people will continue to visit the distillery, buy its products, and support it going forward, as Eden Mill now continues to trade under a new structure and journey into the future with new investment and secure foundations.”