IAN Macleod Distillers has cited strong demand for Scotch whisky as it ramped up profits by around £1 million in its last financial year.

The Broxburn-based distiller, which makes the Glengoyne and Tamdhu single malts, made a pre-tax profit of £11.5 million in the year ended September 30, accounts newly available at Companies House show.

The period covered the family-owned firm’s acquisition of Spencerfield Spirit Company in September, which brought the Edinburgh Gin brand into the Ian Macleod fold. It built on the exclusive, long-standing contract the distiller held to distribute the brand, as well as Spencerfield’s Pig’s Nose, Sheep Dip and The Feathery blended Scotch whiskies. The whiskies were included in the acquisition, as well as Edinburgh Gin’s distilleries and visitor centre in the capital.

Ian Macleod did not disclose the value of the deal at the time. It notes in the accounts that its overall borrowings rose by £13m over the period “due to the substantial investments made in fixed assets, stocks and the purchase of Spencerfield Spirit Company.”

The company said: “The acquisition adds a growing and successful gin brand and its innovative fruit gin liqueur variants to the group brand portfolio.”

According to the accounts, turnover grew by eight per cent to £64.8m. The distiller said that the “increased business came exclusively from bulk whisky sales where the home and export markets grew at broadly the same rate.” It added: “Sales of cased whisky were level and included an increase in the company’s branded business which was offset by a reduction in private label business.”

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