Pre-tax profits also decreased by 43%, dropping from £31m in 2023 to £17.6m to the end of June 2024. Turnover fell from £81.6m to £61.8m during the same period.

The company, overseen by siblings Tania and Aaron Hillman, cited several potential threats to trade, including reduced demand for alcohol, fraud, global conflicts, and the energy crisis. Despite these challenges, Angus Dundee Distillers continues to invest, with a new visitor centre opening in Brechin this summer to mark Glencadam’s 200th anniversary. The distillery, one of Scotland’s oldest, handcrafts its whisky using traditional methods. Both Glencadam and Tomintoul won numerous awards in 2024.

The firm is also expanding into China, building a multi-million-pound distillery in the Thousand Island Lake area. The 20-acre site will incorporate local architectural styles.

Meanwhile, in Inverness-shire, the company’s purchase and renaming of the historic Aultmore House to Tomintoul House, alongside plans for extensive alterations, has drawn some local criticism. The Category A-listed property was once owned by Bob Dylan.

Despite the drop in turnover and profits, staff numbers increased from 203 to 223, with employee costs rising by almost £500,000.