TIDMART
RNS Number : 7578T
Artisanal Spirits Company PLC (The)
17 November 2023
17th November 2023
The Artisanal Spirits Company plc
("The Artisanal Spirits Company", "ASC" or "the Group")
Recognising and endorsing the value of Artisanal's whisky
stocks, Ferovinum provides drawdown optionality and further
financial flexibility.
The Artisanal Spirits Company (AIM: ART), the owner of The
Scotch Malt Whisky Society ("SMWS"), the leading curator and
provider of premium single cask Scotch malt whisky and other
spirits for sale primarily online to a discerning global
membership, is pleased to announce that it has, through a new
partner, Ferovinum, agreed a new financing facility of GBP15m,
giving the Group further financial flexibility and optionality to
develop its business via recognition of the significant
appreciating cask spirit asset base.
As part of the initial agreement, Ferovinum have extended to ASC
GBP2.6m in cash, through a cask spirit parcel valuation of GBP3.8m
at 70% loan to value ratio, for a maximum period of 2 years with
the same headline interest margin as ASC's existing RBS banking
facility.
The Ferovinum platform allows ASC to convert their maturing
stock into a just-in-time asset at a truer market valuation. Of the
casks within the initial transaction, the Net Book Value held on
the Balance Sheet is GBP0.8m, the current bank valuation is GBP1.3m
and Ferovinum's valuation, using market, external and internally
generated intelligence is GBP3.8m, representing a 380% and 191%
incremental valuation on the net book value ("NBV") and bank value
respectively.
The facility allows the Group additional financial headroom and
a larger financial pool from which to draw, rather than an increase
in the overall debt level, as we balance this new facility and the
existing RCF facility. The Group's debt position therefore remains
as previously guided.
Andrew Dane, CEO of The Artisanal Spirits Company,
commented:
"This is an exciting development giving the Group further
financial flexibility without increasing gross debt whilst
demonstrating the value of the Group's assets. ASC has two value
streams: the core trading business and its inventory where the
value of our spirit casks has been proven by Ferovinum extending
capital at retail valuations underpinning the worth of our
inventory, providing financial flexibility and giving us further
confidence in the Company's investment strategy and asset base.
GBPm Uplift vs NBV Uplift v Bank
Valuation
Net Book Value 0.8 - -
----- -------------- --------------
Bank Valuation 1.3 65% -
----- -------------- --------------
Cash Received 2.6 230% 100%
----- -------------- --------------
Ferovinum Valuation 3.8 380% 191%
----- -------------- --------------
For further enquiries:
The Artisanal Spirits Company plc via Instinctif Partners
Andrew Dane, Chief Executive Officer
Billy McCarter, Chief Financial Officer
Liberum Capital Limited (Nominated Tel: +44 (0) 20 3100 2222
Adviser and Broker)
Edward Thomas
Dru Danford
Miquela Bezuidenhoudt
Instinctif Partners (Financial PR) Tel: +44 (0)20 7457 2020
Justine Warren
Matthew Smallwood
Joe Quinlan
About The Artisanal Spirits Company
The Artisanal Spirits Company (ASC) are curators of the world's
favourite, single-cask and limited-edition whisky.
Based in Edinburgh, ASC owns The Scotch Malt Whisky Society
(SMWS) which was established in 1983 and currently has a growing
worldwide membership of over 38,000 paying members.
SMWS provides members with inspiring experiences, content and
exclusive access to a vast and unique range of outstanding single
cask Scotch malt whiskies and other craft spirits, with current
stocks sourced from over 100 distilleries in 20 countries and
expertly curated with diligence and care.
Since producing the Society's very first cask, we have created
around 10,000 different whisky releases, producing a constant flow
of unique and exciting one-of-a-kind whiskies.
With proven e-commerce reach and new brands like J.G. Thomson,
ASC is building a portfolio of limited-edition and small-batch
spirits brands for a global movement of discerning consumers -
delivering c.GBP22 million in annual revenues with over 80% of
revenue generated online and over 65% from outside the UK, with a
growing presence in the key global whisky markets including UK,
China, USA and Europe.
ASC has a pioneering business model, a substantial and growing
addressable market presenting a long-term global growth opportunity
and a strong and resilient business primed to deliver growth.
About Ferovinum
Ferovinum is a first-of-its-kind funding platform, backed by
international clearing banks and financial institutions, designed
exclusively for the wine and spirits industry. Its software
integrates with the supply chain, logistics and ecommerce
infrastructure of the industry, providing users with fast, flexible
and cost-efficient access to funds at any point in the business
process - from production, through to distribution and retail
fulfilment.
Ferovinum has created a ring-fenced platform that holds assets
during production, storage and distribution, allowing companies to
convert their maturing stock into a just-in-time asset. This
flexibility allows businesses to access capital when they need it,
reducing their liquidity risk and reliance on payment terms, as
well as protecting profitability should supply chain disruptions
occur. Ferovinum clients can also take advantage of supply chain
and inventory management tools to access automation and reduce the
operational burden of getting their products into the hands of
consumers.
Ferovinum was founded in 2018 by Mitchel Fowler, an experienced
investment banker and commodity supply chain expert; and Daniel
Gibney, who has years of experience in corporate finance, debt
restructuring and hospitality.
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The Artisanal Spirits (LSE:ART)
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