Billionaire Highlands whisky tycoon Glenn Gordon says continued uncertainty around Scottish independence is bad for business.
Mr Gordon, whose family own Dufftown-based William Grant and Sons Holdings, said the importance of Scotland remaining part of the United Kingdom has increased.
Recently filed company accounts show the family-owned company behind Glenfiddich single malt and Hendrick’s gin has revenue of almost £2 billion.
Within his strategic report, Mr Gordon said continued discussion around Scottish independence is “unhelpful”.
“Following the referendum decision, taken in September 2014, to remain part of the UK, the future of the industry seemed much clearer,” he said.
“However, post-Brexit, the renewal of the debate over the future of the union creates additional uncertainty which is unhelpful and often detrimental to business planning and expansion.
“In these new circumstances, the group believes that the importance of Scotland remaining part of the United Kingdom has increased.”
William Grant & Sons £554m profit
The accounts reveal a pre-tax profit of £554 million for the 2023 calendar year, up from £378m in 2022.
Annual revenue reached almost £2bn, compared with £1.7bn the previous year.
Meanwhile, dividends of £30m were paid out, down from £93m in 2022.
Mr Gordon, who is great-great grandson of founder William Grant, says this was achieved despite a difficult trading environment.
He cited high inflation, increased energy prices and disrupted supply chains affecting the supply of glass bottles from China.
Higher costs from manufacturing and distribution were offset with an increase to sales prices.
“Dealing with uncertainty and volatility is the ‘new normal’ and is likely to remain so for some time,” stated Mr Gordon.
“The business has responded to this operating environment with resilience and entrepreneurialism.”
He said the group’s most important objective is now building and developing its brands.
Keep trade ‘free, flowing and fair’
Meanwhile, international trade remains at the heart of the group’s business and it looks forward to benefiting from the UK’s newly independent trade policy to support spirit exports to key markets.
Mr Gordon said William Grant and Sons is an important part of a “very successfully industry” in Scotland and globally.
Transitioning from a global health crisis to the “enormous challenges ahead”, he argued it was critically important that industry and governments at home and abroad work together in the recovery process.
“The industry is Scotland’s most successful export sector,” he added.
“An astonishing 53 bottles per second of Scotch whisky is shipped to a total of 180 markets around the world.
“In Scotland, the industry supports 11,000 jobs directly and over 42,000 across the UK supply chain.”
Now more than ever, Mr Gordon said the group hopes governments will support business and do all they can to keep trade “free, flowing and fair”.
Glenn Gordon and his family rank number two on the latest Sunday Times Rich List for Scotland, with an estimated wealth of £5.6bn, up more than £1bn from the previous year.
Under the Gordon family’s stewardship, the company has significantly expanded its portfolio, adding premium brands such as Grant’s, Monkey Shoulder, Drambuie, Tullamore Dew, Sailor Jerry and The Famous Grouse.
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