The transaction forms part of a wider recapitalisation and balance sheet restructuring, agreed between Ardgowan Distillery’s board, shareholders, lenders and convertible loan note holders, aimed at strengthening Ardgowan Distillery’s financial position and supporting long-term growth.

The restructuring removes approximately £14m of convertible loan note liabilities (including accrued interest) and reduces annual finance costs by around £0.6m. It also simplifies Ardgowan Distillery’s capital structure by eliminating complex anti-dilution provisions and implementing a new shareholders’ agreement.

Roland Grain of Ardgowan Distillery said: “Macdonald Henderson demonstrated continued commitment throughout the transaction, with their team working closely with us to progress matters at pace, often late into the evening, to ensure we reached completion. Following detailed negotiations and a complex process, we are pleased to have successfully concluded the deal.”