Nc’nean Distillery Limited has secured Virgin Money funding with support from the UK government department, UK Export Finance (UKEF), to help the independent distillery expand into North American markets.
The funding from Virgin Money will help Nc’nean continue to grow and enter new international markets. The United States and Canada will continue to be a key growth area for the distillery, as its organic single malt becomes available in more states in both countries.
Annabel Thomas, CEO of Nc’nean Distillery, said: “Our partnership with Virgin Money has been vital to Nc’nean as we grow and grow the business, and this recent funding has been fantastic in supporting our expansion into new markets.
UKEF helped Virgin Money provide tailored financing, issuing a General Export Facility (GEF) loan guarantee which covered 80% of the financing and enabled Virgin Money to complete the transaction.
The WEF product is a flexible government-backed program that helps UK exporting businesses access working capital facilities, helping to improve their cash flow or accelerate the growth of international trade.