A new £17 million fundraising drive has been launched to build a new distillery in Inverclyde.

Planning permission to develop the Ardgowan Distillery was secured from the council earlier this month.

Work is now underway to secure investors for the Ardgowan Estate scheme and the project has so far raised over £500,000 seed capital to date.

Independent Chartered Accountants company Campbell Dallas has been appointed to advise on the fundraising process.

Ardgowan Distillery chairman and former Macallan managing director 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 of advising on funding as well as an excellent understanding of the brewing and distilling sector."

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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 which can achieve strong capital returns and dividend distribution in the medium to long term.

"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."

Construction is scheduled to start later this year, with plans for the facility to be operational in 2019.

(LM/MH)