Online auction site Whisky Hammer, has today announced that it has agreed a new investment deal, with the Hong Kong based Rare Whisky Holdings.
Whisky Hammer and its sister company Still Spirit, have agreed to sell a 49% stake in the Scottish family-owned business.
|Whisky Hammer Founders: Craig and Daniel Milne|
Whisky Hammer hosts monthly auctions, dedicated to whisky and other fine spirits, allowing buyers and sellers from every corner of the globe to participate. It has auctioned a wide range of whiskies, both bottles and casks, with auctions selling in excess of £1 million under the hammer each month.
The online auction site, which was launched in 2016 by brothers Craig and Daniel Milne, re-located to a new, purpose-built facility in Aberdeenshire in 2019. It’s also home to Still Spirit - a whisky shop, e-commerce site and dram bar offering over 100 rare whiskies.
The success of Whisky Hammer, and its vast potential, has been recognised by Rare Whisky Holdings, which is the same management team behind the Platinum Whisky Investment Fund, the first private equity fund in the world to focus on rare single-malt whiskies.
Commenting on the news, Daniel Milne, Managing Director of Whisky Hammer and Still Spirit, said: “This is a very exciting time for our business. The transaction signifies an important bond with our new Asian partner that will rapidly bring the group to the next phase of growth, and we are incredibly excited about what lies ahead. In addition, we are delighted to have generated a substantial return for our crowdfunding investors that helped us build the business to where it is today.”
The multi-million-pound deal will deliver a 2.6 x return to retail investors on their original investment, who participated in its crowdfunding campaign just two years ago.
Posted by Steve Rush