Trossachs Distillery Limited (SC511798): administration
- Status
- Administration ended
- Administration began
- 2022-06-09
- Administrators
- Simon Edward Jex Girling, James Bernard Stephen
- Administrators' firm
- BDO
- Incorporated
- 2015-07-28
- Location
- Glasgow
- Industry
- 11010 Distilling, rectifying and blending of spirits
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The products are manufactured efficiently, due to the quality of the bottling line. However, volumes have not increased as hoped and the reduced profitability has been insufficient to service the increased debt and other financial obligations of the Company.
In addition, as part of its growth plans, the Company recruited a high cost sales team in the hope of achieving the desired increase in sales. This venture was not a success and abandoned prior to the Administration.
In Oct 2019, the Company borrowed £500k from the Bank under the EFG Loan scheme. Then in June 2021, a further CBIL loan of £406k was taken out.
Administrators' statement of proposals (2022-08-03) · Companies House register