St Andrews-based Eden Mill Distillery has been purchased out of administration by investment fund Ruby Capital.
Ruby Capital has purchased the assets of Eden Mill, including its St Andrews distillery and namesake gin and whisky brands for an undisclosed sum.
Eden Mill had accumulated “significant debt resulting from the challenges of the global whisky sector”, according to joint administrators Kenny Craig and Kevin Mapstone of Begbies Traynor.
The duo were appointed on 18 November and had conducted a sale to Ruby Capital, following “an accelerated marketing campaign”.
The sale would safeguard the future of the business and protect the jobs of its 42 staff, they claimed.
“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,” said Thomas McKay, managing partner of Begbies Traynor in Scotland.
Eden Mill had “experienced a drop in sales” and a 12-month delay to the opening of its visitor centre in St Andrews, creating cash flow challenges for the business, McKay said.
“With 42 jobs at risk, an accelerated sale took place to preserve value in the business and assets and to restructure the core business,” he continued. “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.”
Ruby Capital, which is led by Scottish businessman Tony Banks and previously invested in Eden Mill in 2023, said it planned to “invest in new products, expand the brand, and position Eden Mill as one of Scotland’s leading international spirits”.
Banks added: “We believe strongly that a brand as iconic as Eden Mill should not be allowed to fail. It’s well-loved, high-profile, and we’re ready to grow it even further. This investment marks the beginning of an exciting new chapter.”
Eden Mill was founded in 2012 by Tony Kelly and Paul Miller. Its gins are sold in Waitrose, as well as in Tesco and Sainsbury’s sites in Scotland.
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