By Scott Wright
THE boss of the company that owns The Scotch Malt Whisky Society has received remuneration of more than £200,000 during a year that it floated on the stock market.
David Ridley, executive managing director of The Artisanal Spirits Company, was paid a total of £209,979 for the year ended December 31, according to the company’s annual report, published yesterday. His remuneration included a salary of £155,540 and a bonus of £46,662, the latter paid on account of the company achieving its revenue target for the year, and because corporate and individual performance objectives were reached. The bonus amounted to 30 per cent of Mr Ridley’s salary.
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Artisanal reported revenue growth of 21% to £18.2 million in 2021, ahead of expectations, which came as global membership of the Scotch Malt Whisky Society increased by 18% to more than 33,000. The Society, which was established in 1983, gives members the opportunity to buy rare and unusual bottlings from more than 100 distilleries in 20 countries, as well as access to events at its network of venues. The average revenue generated by the company per member was £619 last year.
Artisanal floated on the junior alternative investment market in June, raising £26m from the initial public offering. The funds were used to buy stock, launch new spirits brand JG Thomson, increase joint venture stakes in China and Japan, and invest in a new logistics warehouse in Uddingston for maturing stock, bottling and fulfilling orders.
Finance director Andrew Dane was paid a total of £165,240 for last year, including a salary of £122,400 and a bonus of £36,720. Artisanal is chaired by Mark Hunter, the Scottish drinks trade veteran who was formerly chief executive of Molson Coors.
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