by Tara Vorster
It´s not often you come across investments of this nature, but Princetown distillery must surely stand head and shoulders above the rest in the world of whisky…
In April this year, I visited Princetown to see a new distillery being built on Duchy land in the middle of Dartmoor National Park in the South West of England – the largest commercial scale whisky distillery project in the country.
In Princetown village itself, the car parks are fuller, new shops are opening and more visitors are arriving every day to see the new building.
The distillery which is now nearing completion, is due to be finished in September this year and has already cost around £10 million to build, which included waiting a year just to receive permission to build from the Duchy. It truly is a unique project and big news in the industry; being closely watched by the main drinks manufacturing companies.
As part of the funding process, the distillery released the first 600 casks (Hogsheads that hold approx. 350 bottles) ever to go in to production and the response according to Rowan Maule (the owner) has been great. Casks were originally being last sold last year for £3,600, which have now already risen in value to £5,400… and that is set to continue as demand grows from the Middle East & Asia. Banks and private equity firms have also bought into the distillery as word spreads.
According to the ´sole´ sales agent (Spirit Traders), bottles that were bought in casks at approx. £15 today will realistically have a value (after bottling, taxes and distribution costs) of £75-£80 in ten years´ time, so you can do the math.
The distillery has already raised £2.1 million via this process, which isn´t bad considering the Covid pandemic. While certain categories of casks have already been sold out, demand has meant that new casks are being added to the 600 that were originally offered.
If you would like to find out more, there is a link here
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