ADELPHI DISTILLERY LIMITED

🌳Matureactive

SC141800 · ltd · incorporated 1992-12-18

Investment thesis

Established operating company — standard diligence applies, no dominant angle.

Why interesting: Live, filing, normal profile.

Why risky: No standout signals in either direction.

🔒Estimated value

—

Upgrade to see

Turnover

—

year to Mar 2025

Net worth

£9.58M

book net assets

Opportunity

80/100

Exceptional

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What this business does

Primary activity: SIC 11010

Sector: Manufacturing

Investor take

Pursue

Active trading company with a 72-year-old founder — textbook succession opportunity.

Opportunity 80/100 (exceptional), bankability 67/100. Strong seller-intent signal (63/100, director aged 72). Share purchase looks the cleaner deal structure. Biggest value-creation lever: Consolidate lender relationships. 3 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

5 live charges · 3 lenders · oldest 30.2y

15/100

under pressure

Refinance would be pressure-driven, not opportunity-driven. Expect tighter margins and covenant scrutiny.

· Oldest live charge is 30.2 years old — likely at or near maturity.
· 3 lenders named — inter-creditor friction likely.
· Cashflow trend is negative — lender view likely cautious.

Data confidence

Overall: medium (79/100)

Adequate coverage. AI outputs are reliable for the sections scored high; verify the rest in diligence.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

2 years of iXBRL accounts extracted (YoY deltas available) + narrative notes parsed

Lenders & charges

5 charges (5/5 with lender, 5/5 with type)

Directors & officers

21 officers (6 active, 21 linked, 14 with DOB)

Ownership & PSC

3 active PSC(s) of 4 total, 4 with control declared

Director network

1 connected companies via shared directors

Filing history

144 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

80/100Exceptional

PassWatchWorth a lookStrongExceptional

Strong composite across quality, acquirability, and risk. High-priority target — progress to serious diligence.

Business quality

Active, clean filings, stable charge profile.

Acquirability

Strong succession / seller-readiness signals.

Risk profile

Few red flags.

Signal strength

100

Good data coverage for analysis.

Signals from accounts

Derived from iXBRL accounts · accounting standard not declared

Positive net assets

Net assets £9,575,949

Net assets shrinking

Down £272,562 YoY

Cash draining

Cash down 45% YoY

Cash YoY

-45%

Year on year

Key financials

2 years extracted from filed iXBRL accounts

Cash

£261k

↓ 45% YoY

Net Worth

£9.6m

↓ 2.8% YoY

Current Assets

£15m

↑ 3.1% YoY

Current Liabilities

—

Hover to see exact values · click legend to toggle series

Financials

Extracted from Companies House accounts · accounting standard unknown

Metric	2025-03-31	2024-03-31
Total assets	£15.73M	£15.55M
Current assets	£15.03M	£14.58M
Cash	£260.6k	£476.7k
Debtors	£12.23M	£11.92M
Net assets	£9.58M	£9.85M

Amounts extracted automatically from iXBRL. Fields left blank were not reported or not mapped. Values in GBP unless stated.

🔒Filing-note intelligence

2 signals detected in this company's narrative notes — going-concern language, audit opinion, contingent liabilities, related-party transactions.

Available from the Pro tier upwards.

See pricing →

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filings

• 1 confirmation-statement
• 1 accounts

Counts from Companies House filing history.

Corporate timeline (63 events)Click to expand

2025-11-07
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2024-11-19
📄
appoint-person-director-company-with-name-date
officers · AP01
2024-11-19
📄
termination-secretary-company-with-name-termination-date
officers · TM02
2024-11-19
📄
termination-director-company-with-name-termination-date
officers · TM01
2024-11-07
➖
MACDONALD, Elizabeth Jean resigned
secretary
2024-11-07
➖
MACDONALD, Elizabeth Jean resigned
director
2024-11-01
➕
PETERSON, Gordon Laurence appointed
director
2024-09-24
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-09-01
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2023-07-26
📄
resolution
resolution · RESOLUTIONS
2023-07-25
📄
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC01
2023-07-25
📄
capital-allotment-shares
capital · SH01
2023-02-07
➕
FALCONER, James Hector Reid appointed
director
2023-02-07
📄
appoint-person-director-company-with-name-date
officers · AP01
2022-09-26
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2022-07-14
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2022-07-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2022-05-17
➖
FALCONER, James Keith Ross resigned
director
2021-09-13
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2021-01-08
📄
resolution
resolution · RESOLUTIONS
2021-01-07
📄
capital-allotment-shares
capital · SH01
2020-09-16
📄
accounts-with-accounts-type-total-exemption-full
accounts · AA
2020-06-17
📄
appoint-person-director-company-with-name-date
officers · AP01
2020-06-15
➕
MACKENZIE, Connal appointed
director
2017-01-23
🔒
Charge registered #5
Lender: Rain Dance Investments Limited
2016-12-15
🔓
Charge satisfied #3
2016-12-07
🔒
Charge registered #4
Lender: Rain Dance Investments Limited
2016-10-28
🔒
Charge registered #3
Lender: Donald Francis Irwin Houston
2016-06-03
🔓
Charge satisfied #2
2016-04-15
➕
CAMPBELL, Alistair Carnegie appointed
director
2016-02-20
➕
HAMILTON, Gordon James appointed
director
2015-09-21
➕
MACDONALD, Elizabeth Jean appointed
director
2015-03-18
➖
IRWIN-HOUSTON, Donald Francis resigned
director
2014-07-29
🔒
Charge registered #2
Lender: Donald Francis Irwin Houston
2009-02-05
🔓
Charge satisfied #1
2004-09-01
➕
BRUCE, Alexander Victor appointed
director
2004-06-01
➕
MACDONALD, Elizabeth Jean appointed
secretary
2004-06-01
➖
WALKER, James Maclachlan Orr resigned
secretary
2004-06-01
➕
FALCONER, James Keith Ross appointed
director
2004-06-01
➕
IRWIN-HOUSTON, Donald Francis appointed
director
2004-06-01
➖
MACLEAN, Charles Peter Bruce resigned
director
2004-06-01
➖
WALKER, James Maclachlan Orr resigned
director
1996-03-07
🔒
Charge registered #1
Lender: The Governor and Company of the Bank of Scotland
1995-11-30
➖
ALEXANDER, Charles Stewart resigned
director
1994-06-30
➖
GREENALL, John Desmond Thomas resigned
director
1994-04-13
➖
MOLL, Nicola resigned
secretary
1994-04-13
➕
WALKER, James Maclachlan Orr appointed
secretary
1993-10-15
➖
GREENALL, Damian Iain Henry resigned
secretary
1993-10-15
➕
MOLL, Nicola appointed
secretary
1993-05-18
➕
MACLEAN, Charles Peter Bruce appointed
director

Showing most recent 50 of 63 events

Owner dependency

65/100

High — earn-out structure required

Material founder dependency. Consider a 2-3 year earn-out and build in a handover plan before completion.

FACTORS

-6 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 22 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 72 — succession pressure is live.

Succession & seller-readiness

80/100

Likely off-market candidate

Strong acquirability signals converging. Worth approaching directly — this is how off-market deals start.

SIGNALS

primaryFounder aged 70+: Senior director is approximately 72 years old. Natural succession window is now.
primary20+ year tenure: Director in role 22 years. Very long tenure is a classic succession signal.
supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 med ·

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Group structure

Rain Dance Investments Limited holds 25-50% — a significant corporate investor but not a controlling parent.

🏛️

Rain Dance Investments Limited

Corporate parent

⬇

ADELPHI DISTILLERY LIMITED

This company · SC141800

Parent relationships inferred from Persons with Significant Control filings. Full subsidiary tree requires reverse-lookup (coming).

Shareholders & ownership

3 active beneficial owners

Name	Shares	Voting rights	Nature of control	Notified
Mr James Hector Reid Falconer Individual · British · DOB 04/1987 · age 39	25–50%	—	25-50% shares	20/07/2023
Mr Donald Francis Irwin-Houston Individual · British · DOB 08/1960 · age 66	25–50%	—	25-50% shares	06/04/2016
Rain Dance Investments Limited Corporate entity	—	—	sig. influencesignificant influence	07/12/2016

1 historic (ceased) PSC

Mr Keith Falconerceased 17/05/2022· 25-50% shares

From Companies House Persons with Significant Control filings. Share ranges are banded per the public PSC regime.

🔒Co-director network graph

Radial SVG graph showing every company connected via shared directors, colour-coded by status.

Available from the Pro tier upwards.

See pricing →

Similar companies

Active · Food & drink · PH postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
BLAIRGOWRIE FRUIT PACKERS LIMITED→ SC225871 · est 2001	—	—	—	800	24y	83	81y
GRANDTULLY BRIDGE GALLERIES LIMITED→ SC277888 · est 2004	—	—	£334.8k	—	21y	82	87y
LETTERFINLAY FOODS LTD.→ SC192224 · est 1998	—	—	£113.8k	—	27y	82	77y
MACDONALD BROS. LTD.→ SC256349 · est 2003	—	—	—	1500	22y	82	66y
COCOA MOUNTAIN LTD.→ SC289563 · est 2005	—	—	—	1500	20y	81	59y
HIGHLAND SPECIALITY SEAFOODS LIMITED→ SC324051 · est 2007	—	—	—	0	18y	81	61y
ARDSHEALACH FINE FOODS LTD→ SC355867 · est 2009	—	—	—	200	17y	80	63y
CAIRN O'MOHR LTD.→ SC238693 · est 2002	—	—	£238.3k	—	23y	80	69y
CHOCSTARS LIMITED→ SC414421 · est 2012	—	—	—	—	14y	80	58y
HEATHER HILLS FARM LIMITED→ SC324377 · est 2007	—	—	£523.5k	—	18y	80	67y
HOLME FARM FRUITS LIMITED→ SC472155 · est 2014	—	—	£79.7k	—	12y	80	77y
TAYPACK POTATOES LIMITED→ SC028372 · est 1951	—	—	—	1400	74y	80	62y

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

7 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusactive

Typeltd

Incorporated1992-12-18

Jurisdictionscotland

Primary SIC11010 — SIC 11010

Registered office

The Ardnamurchan Distillery Glenbeg

Ardnamurchan

Acharacle

Argyll

PH36 4JG

Filing status

Accounts

Next due: 2026-12-31

Last made up to: 2025-03-31

Confirmation statement

Next due: 2027-01-01

Last: 2025-12-18