The new Ardgowan Distillery near Inverkip has launched a £ 17million funding drive.

The ambitious development received the green light from Inverclyde Council earlier this month and is now seeking investors to bring their ambitious vision to life - – with leading independent chartered accountants Campbell Dallas appointed to advise.

With whisky taking several years to mature, Ardgowan Distillery told the 'News' that there may be a limited run in 2022, followed by the release of a four year old single malt in 2023

The project has raised over £500,000 seed capital to date, and the new distillers are now advancing their proposals to build a world-class lowland malt whisky distillery and visitor attraction on the historic Ardgowan Estate.

Construction is scheduled to start later this year, with plans to be operational in 2019.The distillery is being advised by Campbell Dallas Corporate Finance team.

Commenting on the appointment, Ardgowan Distillery chairman Willie Phillips said: “I think the Ardgowan Distillery is a terrific commercial proposition and Campbell Dallas is the right firm to assist us with this fundraising – they have a strong track record.

“We are planning to build an outstanding distillery of significant scale to make a lowland single malt that will have a distinctive taste and flavour. Our flagship will be a premium seven year old single malt, which I anticipate will establish Ardgowan as a single malt of great character.

“We already have a senior management team in place with proven experience in project delivery, and have brought on board former Bruichladdich and Diageo veterans Gordon Wright and Michael Egan in commercial and product engineering advisory roles.

Commenting on the appointment Murdoch McLennan, partner, and head of brewing and distilling at Campbell Dallas said: “We are delighted to be advising the Ardgowan Distillery in raising further funds. Whisky distilleries are a well-recognised investment opportunity.

“The Ardgowan Estate has a good water supply and the distillery and visitor centre will be a natural step on a malt whisky route to Campbeltown and the island distilleries.

“The first spirit will be produced in 2019 and the total funding requirement is approximately £17m, which will cover the construction, commissioning and the first three years’ production costs.

“In common with other investments of this type, the distillery is anticipating a mixture of equity, debt funding and public grant support

“Investment will qualify for EIS tax relief for UK investors, and the Ardgowan Distillery will appeal to high net worth individuals, family offices, overseas investors and companies within the whisky supply chain,” Murdoch concluded.