Plans to develop a bonded whisky storage facility in Glenrothes have received significant support from Scottish Enterprise, Scotland’s national economic development agency. In a boost to Scotch Whisky Investments (SWI), Scottish Enterprise is providing a £850,000 grant to support the innovative project in the Fife town. The project aims to offer premium cask storage facilities, bottling services, and additional cask services.
Scottish Enterprise’s support complements SWI’s multi-million pound investment and is expected to create up to 38 full-time jobs, all offering wages above the real living wage.
The Scotch whisky industry is a vital contributor to Scotland’s economy, with global exports reaching over £6 billion for the first time in 2022, according to figures released by the Scotch Whisky Association (SWA).
Neil Gray, Scottish Government Cabinet Secretary for Wellbeing Economy, Fair Work and Energy, welcomed the announcement, stating that attracting business investments to Scotland is crucial for creating a fair, green, and growing economy. The investment from SWI reflects the success of the strategic Team Scotland approach, which brings together the Scottish Government, economic agencies, and international networks to promote Scotland as an attractive inward investment destination.
Mark Hallan, Director of Global Investment at Scottish Enterprise, highlighted SWI’s ambitious plans to provide comprehensive cask management services, addressing a gap in the market for suitable Scotch storage. He emphasized that Scottish Enterprise, along with its global Scottish Development International (SDI) teams, has closely collaborated with SWI on their Fife plans. The project not only boosts the local workforce but also establishes a foothold for SWI in Scotland.
SWI, established in 2007, is one of the largest investment management companies in Scotch whisky globally, offering asset management solutions for rare Scotch single malt whisky. Headquartered in Sassenheim, The Netherlands, SWI aims to create a center of excellence for supporting the cask investment and storage market in Glenrothes, allowing Scotch whisky to age on-site and produce high-quality matured whisky.
Additionally, SWI is also planning to develop a mixed-use facility in Falkland, which will feature a visitor center to showcase and educate people about single malt Scotch whisky.
Keith Rennie, Director of SWI, expressed gratitude for the support from SDI and Fife Council’s Economic Development team, which has been invaluable in transitioning to Fife and preparing for future growth.
The grant support from Scottish Enterprise marks another significant milestone for SWI’s Glenrothes project. Collaborating with Scottish Enterprise and SDI teams, InvestFife (Fife Council’s Economic Development collective brand) assisted SWI in identifying the perfect site for establishing its base in Fife. The sale of 7.7 hectares at Crompton Road East, Glenrothes, concluded in April after receiving planning approval for development, representing one of the region’s most notable industrial land sales in recent years.
SWI’s plans contribute to the positive trend of inward investment in Scotland. In EY’s latest Annual Attractiveness Survey, Scotland remained the most attractive location in the UK outside of London for Foreign Direct Investment (FDI). The study revealed that Scotland secured a record 126 inward investment projects in 2022, a 3.3% increase compared to the previous year, highlighting the country’s appeal for international investors.
These results align with SDI figures, indicating the generation of more than 8,500 real living wage jobs through inward investment projects supported by various agencies. Such developments are expected to contribute nearly £115 million in direct Scottish Income Tax over three years, according to Scottish Enterprise research.
Scottish Enterprise’s grant support is driving the progress of SWI’s Glenrothes project, reinforcing Scotland’s position as an attractive destination for investment and promoting the growth of the Scotch whisky industry.
