The funding package from Virgin Money will help Nc’nean as it continues to grow and move into new international markets. The US and Canada will continue to be a key growth area for the distillery, as its Organic Single Malt becomes available in more states across both countries.
Annabel Thomas, CEO of Nc’nean Distillery, said: “Our partnership with Virgin Money has been critical to Nc’nean as we develop and grow the business, and this recent funding package has been fantastic to support our expansion to new markets.”
UKEF supported Virgin Money in providing a tailored funding package, issuing a General Export Facility (GEF) loan guarantee which covered 80% of the financing and enabled Virgin Money to complete the transaction.
The GEF product is a flexible government-supported scheme that helps UK export businesses to access working capital facilities, helping to improve cash flow or speed up international trade growth.
