Distillery key information

Location	Speyside, Scotland, UK
Established	1897
Owner	La Martiniquaise
Number of Stills	3 wash, 3 spirit
Visitor Centre	Yes
Status	Active
Website	https://glenmoray.com

About Glen Moray Distillery

Founded in 1897, Glen Moray Distillery, located in Elgin, Speyside, Scotland, is a storied establishment renowned for its approachable yet versatile single malt whiskies. Owned since 2008 by French spirits group La Martiniquaise-Bardinet, Glen Moray blends traditional craftsmanship with innovative cask maturation, producing a range of expressions from classic Speyside styles to experimental finishes. Its affordability and quality make it an appealing option for investors seeking exposure to the growing whisky market without the high entry costs of ultra-premium brands.

Situated on the banks of the River Lossie, Glen Moray’s production capacity is approximately 6 million litres annually, focusing primarily on single malt whiskies, with some output for blends like Label 5. The distillery’s meticulous processes, including long fermentation and a diverse cask programme deliver a smooth, fruit-forward profile, appealing to both newcomers and seasoned collectors.

Brand reputation and market presence

Glen Moray enjoys a solid reputation among whisky enthusiasts for its consistent quality and value-driven single malts, often praised for their approachable elegance and versatility. Core expressions, such as the Glen Moray 12 Year Old and 18 Year Old, achieve respectable ratings and often score 85+ on Whiskybase, while limited releases like the Port Cask Finish and Heritage series garner acclaim for their innovation. The distillery’s heritage and cask experimentation have cultivated a loyal following, particularly in Europe and North America.

Globally, Glen Moray maintains a strong presence in markets such as the UK, France and the USA, with growing traction in Asia, notably Taiwan and Japan, driven by rising demand for accessible single malts. La Martiniquaise’s strategic positioning of Glen Moray as a high-quality, value-oriented brand allows it to compete effectively, with prices typically 10–20% lower than comparable Speyside malts like Glenfiddich or Glenlivet.

Investment potential

Glen Moray’s investment potential is underpinned by its affordability, growing secondary market presence and innovative cask finishes. Secondary market activity highlights its appeal, with over 13,000 finished and 58 live auction lots recorded, reflecting moderate but growing liquidity and collector interest.

At auctions, Glen Moray’s rare expressions achieve notable returns. Investors who sold their 2008 casks through VCL between 2020 and 2025, for example, saw annualised investment returns of 14.39 per cent. The secondary market for Glen Moray bottles, such as the 18 Year Old and limited cask finishes, demonstrates steady price growth, with trading volumes indicating rising investor interest. Cask investments, requiring moderate capital and medium holding periods (minimum 5 years), offer accessible entry points, particularly for casks with unique maturation profiles like port or Chardonnay.

Financial performance

As part of La Martiniquaise-Bardinet, Glen Moray contributes to the group’s robust financial performance. Glen Moray’s limited-edition releases, such as the 21-year-old Port Cask Finish and rare single cask bottlings, command premium prices at auctions, reinforcing its financial strength.

The distillery’s focus on cost-effective cask sourcing and high production volumes ensures resilience against supply chain cost pressures. La Martiniquaise’s ongoing investments in Glen Moray, including a 2020 warehouse expansion, signal confidence in its growth, with a projected 5% increase in output by 2028.

Investment summary

Glen Moray Distillery presents a compelling and appealing investment opportunity, blending Speyside heritage and versatility with strong value proposition. Its innovative cask programme, accessible pricing and owner La Martiniquaise’s strategic oversight ensure sustained demand and growth potential.

Examples of historical cask appreciation rates, coupled with increasing secondary market liquidity, reinforce Glen Moray’s investment appeal. Financially, its contribution to La Martiniquaise’s estimated €1 billion spirits revenue highlights its stability and growth trajectory, making it an attractive option for investors seeking balanced returns in the whisky market.