Distillery key information

Location	Speyside, Scotland, UK
Established	1897
Owner	John Dewar & Sons Ltd
Number of Stills	2 wash, 2 spirit
Visitor Centre	No
Status	Active
Website	N/A

About Aultmore Distillery

Founded in 1896 in Speyside, Scotland, The Aultmore Distillery, located just north of Keith, Moray, is a distinguished producer of single malt Scotch whisky. Established by Alexander Edward, a prolific whisky entrepreneur who also founded Craigellachie and owned Benrinnes, Aultmore derives its name from the Gaelic “An t-Allt Mòr,” meaning “big burn”, referring to its water source, the Auchinderran Burn.

The Aultmore is beautifully isolated in a perfect location off a route that runs from a fishing port to Keith. The distillery had to close during World War I due to the rationing of supplies. It reopened in 1923 when it was purchased by John Dewar & Sons. It changed hands a number of times before being acquired again by John Dewar & Sons (by now a Bacardi subsidiary) in 1998.

With a production capacity of 3.5 million litres of alcohol annually, the distillery prioritises quality through long fermentation and small stills, crafting fragrant, fruity whiskies. This blend of heritage and modern investment positions Aultmore as an appealing prospect for whisky cask investors.

Brand reputation and market presence

Aultmore has earned a reputation for producing fresh, floral single malts, often described as the “rarest of Speyside” due to its historical focus on blends. Its core range, launched in 2014 under Bacardi’s “Last Great Malts” initiative, includes the 12-year-old, 18-year-old and 25-year-old expressions, with the latter winning the World’s Best Single Malt at the 2024 International Whisky Competition.

Independent bottlings by Blackadder and Douglas Laing have further elevated its profile among enthusiasts, with high ratings on Whiskybase, for instance Aultmore 1981 Centenary, 91+,.Aultmore enjoys growing demand in key markets, including Asia, notably South Korea and China, as well as North America and the UK.

Bacardi’s 2020 marketing push and a 2024 packaging revamp have strengthened its premium positioning. The distillery’s commitment to natural colour and non-chill filtration enhances its appeal to discerning consumers, while its use in Dewar’s White Label and Old Perth blends demonstrates its blending prestige.

Investment potential

Aultmore’s casks and bottles demonstrate strong investment potential driven by limited single malt releases, rising brand equity and robust secondary market performance. Auction data shows Aultmore 25-year-old bottles fetching £340–£400 in 2024, while single cask releases such as a 1982 30-year-old reached £1,500 at Whisky Auctioneer.

Aultmore’s controlled production and Bacardi’s strategic investments, including a £15 million expansion completed in 2024 to double capacity, create scarcity and drive value appreciation. Average annualised returns of 11.09% delivered to VCL investors who sold their casks in the 2020-25 period reflect Aultmore’s growing collectability, supported by its limited single malt output and high demand from independent bottlers.

Financial performance

As part of Bacardi’s private portfolio, Aultmore’s specific financials remain undisclosed. However, Bacardi’s 2024 Scotch whisky portfolio, including Aultmore, achieved remarkable 30% growth in Asia over five years. This surge reflects strong demand for Aultmore’s smooth, grassy single malts, driven by limited releases and rising global appreciation for Speyside whiskies, positioning it as a valuable asset.

Investments in sustainability, such as a heat-recovery system and hydrogen-ready boiler, enhance its efficiency. The £15 million expansion, completed in February 2024, added fermenters, stills and infrastructure, supporting a projected 5% production increase by 2027 while maintaining quality.

Investment summary

Aultmore offers an attractive investment case, blending a storied heritage with modern innovation and scarcity. Its award-winning single malts, strategic cask management and global market growth underpin its appeal. Historical average annual cask appreciation rates of over 11%, strong secondary market performance and a 2024 World Whiskies Award highlight its stability and growth trajectory. Despite risks such as market volatility and regulatory shifts, Aultmore’s limited production, rising demand and Bacardi’s investment in sustainable expansion position it as a premier choice for whisky cask investment.