Illustrative Investment Case Studies


Based in Hawick, TBD is one of the largest new distilleries established in Scotland since 2000 and the first in the Borders region since 1837. Built in an award winning renovation in 2017 of a Victorian factory, it started producing spirit in 2018 and since then it has been laying down casked stock including at its own warehousing facility built in 2021.

From the outset, the strategy was to build a distillery with the capacity to produce significant volume and lay down substantial reserves to build long term value with the view to launching a new distinctive Borders’ Single Malt  Scotch Whisky once it is deemed ready.

The significant capital that continues to be invested in the quality stock reserves that TBD is building, enables the company to have the flexibility to launch its own brand in international growth markets especially the USA and India, as well as to be a major supplier/trader within the Scotch Whisky industry.

Co-investment partners in TBD include the Drake Group from Chile, the Ballande Group from France and 10SJP.

Visit to learn more and contact the distillery directly.

“The founders are delighted to have the support and enthusiasm of an experienced international shareholder group led by Badenoch. Based in Hawick, a town with a long and valued reputation for high quality manufacturing, the distillery employs more than a dozen people with the distillers all recruited locally and trained from scratch. Building back distilling in the Borders is long term project and we are looking forward to the future”

John Fordyce, Managing Director of The Borders Distillery Company Limited