The Lakes Distillery
Comhar Capital Exits The Lakes Distillery in £71m Transaction
Comhar Capital exits The Lakes Distillery to English wine producer Nyetimber in a transaction that values the whisky maker at £71 million.
The Lakes Distillery (‘The Lakes’) was established close to Bassenthwaite Lake in 2011 under the leadership of Nigel Mills and Paul Currie.
Comhar Capital, in a transaction led by Managing Director, Craig Wilkinson, acquired a minority share in December 2019, investing £4.25 million to support the development of the business.
This acquisition offer by Nyetimber was first announced to shareholders in April 2024, and was formally concluded on the 17th June 2024 through a Court Sanctioned Scheme of Arrangement.
Winemaker Nyetimber is a strategic acquirer for the business and sees a ‘sizeable opportunity’ for The Lakes to grow its market share in the UK single malt whisky market whilst continuing its international expansion plans.
Over the period of Comhar’s involvement with the business The Lakes demonstrated significant growth. Revenues increased 60% (£7.7m expected in FY24) and productive capacity trebled to 300,000 OLA (‘Original litres of alcohol’) per annum. This increased capacity supported a more than doubling of maturing whisky stocks.
The senior leadership team was also strengthened through the appointments of a new whiskymaker (Sarah Burgess in January 2023), and CEO (James Pennefather in June 2023).
“The Lakes is a huge success story for Cumbria and for English Whisky. Credit and recognition should go the business’ founders, Nigel Mills and Paul Currie, and of course to the wider leadership team.
It has been a pleasure working with the business and supporting in the development of a platform which, with Nyetimber’s further support and guidance, will see The Lakes prosper as one of the world’s leading luxury spirits brands. ”
Further information can be found at: https://www.lakesdistillery.com/