Private Equity


Badenoch’s second investment in November 2015 was in The Three Stills Company, which trades as "The Borders Distillery". Badenoch is the lead investor in a diverse and international group of shareholders who together have invested £10 million.

The first whisky distillery in the Borders since 1837, and following a two year build, the distillery is now operational in Hawick.

Whilst the malt is maturing, management have developed a more traditional blend under the “Clan Fraser” and "Clan Fraser Reserve" brands, together with an edgier blended malt under the “Lower East Side” brand.


90% of revenues is derived from exports which ties in with Badenoch’s investment philosophy of MISSA “made in Scotland, sold abroad”.

Management have also launched “William Kerr’s Borders Gin”, where every drop is made from Borders barley, named after an accomplished plant hunter from Hawick and “Puffing Billy Steam Vodka”, the only vodka in the world where the spirit vapours are steamed through charcoal rather than filtered as a liquid.

Visit The Borders Distillery Website >

“We are delighted to have the support of such experienced, enterprising and international investors to help us realise our vision and to bring back whisky distilling to the Borders. Hawick was chosen because of its proximity to fine barley and plentiful supply of water. The Borders town also boasts a long-standing manufacturing reputation including its world-famous cashmere which spans many generations of quality and refinement, characteristics which are integral to the ethos of The Borders Distillery”.

Tim Carton, CEO of Three Stills