English whisky distillery Lakes is poised to push the button on a stock market flotation as it looks to raise £15 million.
The group said on Friday that it has enlisted the services of N+1 Singer as it looks to list on the London Stock Exchange’s junior AIM market.
“We are exploring an initial public offering as a flexible source of capital to allow us to increase our production significantly, whilst remaining independent and focused on quality, as well as investing in our whisky stock, our sales and marketing capabilities and our distribution channels.
“Ultimately this will help us to achieve our ambition to build a global luxury whisky brand,” said Lakes Distillery founder and chief executive Nigel Mills.
Founded in 2011 and based in the Lake District, the single malt whisky distiller is chaired by drinks industry veteran Alan Rutherford.
It holds the world record for the most expensive bottle of whisky from a new distillery and the most expensive bottle of English whisky sold at auction – £7,900 in July 2018.
Lakes is behind brands such as Steel Bonnets, The Lakes Gin and The Lakes Vodka.
A shareholder meeting has been convened for later this month to vote on whether to press ahead with the initial public offering.
Mr Mills added: “The Lakes Distillery has strong brand credentials, is located in an area of outstanding natural beauty, the Lake District National Park, a Unesco World Heritage site, and has a successful track record of innovation and brand development.
“We believe we are well positioned for growth, with multiple revenue streams, and an appreciating asset in the form of our whisky stock, developed using our multi-oak, multi-sherry led production process.”