Distil (AIM:DIS), the AIM-listed owner of premium drinks brands including Blackwoods Gin and Vodka and RedLeg Spiced Rum, has completed the early conversion of its £3 million convertible loan note in Ardgowan Distillery Company, following satisfaction of all conditions precedent announced on 4 June.
The conversion delivers three tangible benefits: a cash receipt of £395,000, comprising a £195,000 escrow deposit from the original loan note agreement plus a further £200,000; a rent waiver on the Blackwoods Brand Home at the Ardgowan complex worth up to £170,000, roughly three years of the approximately £46,000 annual rent Distil currently pays; and board representation at Ardgowan, with Executive Chairman Don Goulding expected to join the board shortly.
For Ardgowan, the restructuring removes approximately £14 million of convertible loan notes, including accrued and rolled-up interest, and eliminates roughly £600,000 in annual interest costs.
The Blackwoods Brand Home, which opened in February, currently holds a five-star Google rating and ranks fourth on Tripadvisor, with the company reporting new on-trade listings secured through the venue.
Ardgowan itself reported revenue growth of more than 500% in its current financial year ending 30 June, and has launched six new single cask editions within its Clydebuilt range since August 2025.
