Size & Capital Commitment:

£15 million total; deployed over 12–18 months

Deployment Schedule:

• Year 1: £8 m
• Year 2: £5 m
• Year 3: £2 m

Portfolio Allocation

• New-make spirit (0–1 yr): 60% (£9 m)
• 4–8 yr whisky: 30% (£4.5 m)
• 8+ yr whisky: 10% (£1.5 m)

Deal Structures

• Outright purchase: 70% of capital
• Discounted purchase + buy-back option: 20%
• Firm contractual buy-back: 10%

Hold Period & Sale Window

• Hold: years 0–3
• Sales window: years 3–6

Sales Waterfall

1. Original distillery
2. Single-malt specialists
3. Blenders
4. White-label buyers

Expected Return Drivers

1. Ageing uplift (≈50% of return)
2. Price spread widening
3. Active distribution value-add

Blended IRR Target

22% p.a.

Risk Mitigation

• Age diversification
• Staggered sales schedule
• Contractual buy-backs