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Artisanal Spirits Company (AIM: ASC)owns The Scotch Malt Whisky Society (SMWS) which was established in 1983 and currently has a growing worldwide membership of >29,000 paying subscribers.

MWS provides members with inspiring experiences, content and exclusive access to a range of single cask Scotch malt whiskies and other craft spirits, sourced from over 100 distilleries in 20 countries. At the end of 2022, membership stood at c. 37,000, up from 33,000 the previous year.

ASC listed on AIM in June 2021  raising gross proceeds of £26 million. The stated aim at the IPO was to “…fund further investment in whisky and other spirits stock, and in cask wood; the promotion of membership and business growth; existing and new venues; brand and digital development; and supply chain optimisation.”


  • Mark Hunter (Non-Exec Chair):  Former President and CEO of MolsonCoors Brewing Company
  • Andrew Dane (CEO): 8yrs at KPMG transaction services in London, Edinburgh and Toronto, ex FD at Argent Energy
  • Billy McCarter (CFO): ACCA qualified accountant,  financial experience in Whisky & Spirits sector including c.8yrs wat Diageo
  • NED’s: Paul Skipworth, Mark Bedingham, Gavin Hewitt, Lesley Jackson, Helen Page


P&L31 Dec 2022
31 Dec 2021
Gross Profit13,84511,211
(Loss Before Tax)(2,072)(2,717)
Profit/ (Loss)(1,713)(3,348)
Balance Sheet31 Dec 2022
31 Dec 2021
Cash & Cash Equivalents2,3312,012
Total Assets47,36439,887
(Total liabilities)(25,348)(16,606)
Net Assets22,01623,881

Major Shareholders

Mark Hunter- 1.83%
Paul Skipworth – 1.15%
Gavin Hewitt – 0.12%
Andrew Dane – 0.09%
Lesley Jackson – 0.09%

Inverleith ASC Ltd – 17.50%
BGF IM – 8.98%
Mehdi Shalfrooshan – 8.26%
Benjamin Thomson – 8.15%
Hargreave Hale- 7.73%

Media Coverage (Sep 2021)

MIDAS SHARE TIPS: Fancy a dram in your investment portfolio? Try whisky firm Artisanal Spirits Company – it can only improve with age”

“Midas verdict: The Artisanal Spirits Company has had a lacklustre debut on AIM, but this seems undeserved. Enthusiasm for premium spirits is increasing, Ridley has plenty of plans for growth and the company is an expert in e-commerce too. At 83p, the shares are a buy – investors gain half-price membership to the Society too, a type of dividend in kind.”

Macro Indicators

From Artisanal’s Admission Document (June 2021)

“Whisky is the largest category by value within the global spirits market accounting for approximately $74 billion of total consumer spend in 2019, of which Scotch whisky had the largest share at $30 billion (of which approximately $27 billion excluding duty free sales is shown in the table above) making it the most valuable and recognised spirit category in the world. The global Ultra Premium Scotch malt whisky market has experienced a much faster rate of growth than the overall market, recording a CAGR of 10% between 2010 and 2019, reaching $5.5 billion of annual sales in 2019, in comparison, the remaining lower price bands have grown by a CAGR of 2% over the same period. ”

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