Sanderson Weatherall has provided specialist whisky inventory valuation advice to HSBC UK to support the funding of Waterford Distillery Group as part of a €45m funding line.
Christian Humphreys, Partner ABL Valuation and Advisory at Sanderson Weatherall advised on a bespoke Cross Border Asset Based Lending facility leveraged against the company’s premium maturing new make spirit and aged whisky in casks.
The funding will support the growth of the business, including expansion into the premium UK supermarkets and export markets through new international sales, with the USA being a key target market.
Waterford’s whisky, which is produced with organically grown barley cultivated from biodynamic farming, is currently available in 32 countries
Christian Humphreys said, “We were pleased to be involved in advising both HSBC UK and Waterford, once again providing asset based lending advice and specialist market analysis of new make spirit and aged whisky inventory value profiles that has enabled the bespoke financing solution to proceed with confidence in the sector; and the high-quality inventory asset base held by Waterford as an innovative whisky distiller”.
Matthew White, Business Development Director Corporate GTRF at HSBC UK Bank, commented, “We are delighted to have worked with Christian and the team at Sanderson Weatherall LLP to deliver a bespoke Cross Border ABL Facility for Waterford Distillery Group, the Facility provided will enable management to deliver their future growth strategy”.
Grant Bett, HSBC UK relationship director, added: “For over ten years, HSBC UK has built a strong relationship and track record working with Waterford’s management team on several successful ventures.
“Waterford is a fantastic example of an innovative whisky distiller using local providence and sustainable practices to bring their award-winning brand to the global market.”
Sanderson Weatherall is the valuer of choice in the whisky sector providing specialist valuation advice and market sector analysis in order to support asset based lenders, distillers, independent bottlers and investors. We have supported numerous transactions and structured facilities across Scotland, Ireland, England and Australasia.