J & W HARDIE LIMITED

💤Zombieactive
SC162555 · ltd · incorporated 1996-01-10
Investment thesis
Zombie company — trading but stalled; unlikely mover.
Why interesting: Quiet, steady; could be a succession or carve-out candidate with the right conversation.
Why risky: No growth signal; thin margin for error on price.
🔒Estimated value
—
Upgrade to see
Turnover
—
not disclosed
Net worth
—
book net assets
Opportunity
71/100
Strong
🔔
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What this business does
Primary activity: Manufacture of malt
Sector: Manufacturing
Investor take
Pass (distressed without resilience)
Distressed active trading company — structural issues outweigh the discount.

Opportunity 71/100 (strong), bankability 75/100. High owner-dependency — earn-out structure likely required for clean transition. Share purchase looks the cleaner deal structure. Biggest value-creation lever: Resolve: 1 insolvency-related filing on record. Filings relating to insolvency, liquidation, or administration exist in the company's history. Review before proceeding. Most likely exit: share sale to pe / searcher (58/100).

🏦

Refinance opportunity

2 live charges · 2 lenders · oldest 15.6y

30/100
under pressure

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

  • · Oldest live charge is 15.6 years old — likely at or near maturity.
  • · Two lenders — manageable, but coordination required.
  • · Distress signals active — lender appetite narrows.

Data confidence

Overall: medium (58/100)

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
No iXBRL financials extracted
0
Lenders & charges
2 charges (2/2 with lender, 2/2 with type)
90
Directors & officers
19 officers (2 active, 19 linked, 16 with DOB)
87
Ownership & PSC
1 active PSC(s) of 1 total, 1 with control declared
90
Director network
4 connected companies via shared directors
57
Filing history
117 filings on record
85
Gazette notices
No matching gazette notices (standard for active companies)
60
Opportunity Score
71/100Strong
PassWatchWorth a lookStrongExceptional 

Solid opportunity signal. Worth a dedicated memo and management meeting.

Business quality
70
Active, clean filings, stable charge profile.
Acquirability
60
Some acquirability indicators.
Risk profile
67
Some moderate concerns — review flags.
Signal strength
100
Good data coverage for analysis.

Recent activity

Last 30 days
0
filings
Last 90 days
0
filings
Last 180 days
1
filing
  • • 1 confirmation-statement
Counts from Companies House filing history.
Corporate timeline (55 events)Click to expand
  1. 2025-09-08
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  2. 2024-09-19
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  3. 2023-10-23
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  4. 2022-10-07
    📄
    accounts-with-accounts-type-small
    accounts · AA
  5. 2022-02-14
    📍
    change-registered-office-address-company-with-date-old-address-new-address
    address · AD01
  6. 2021-09-30
    📄
    accounts-with-accounts-type-small
    accounts · AA
  7. 2020-12-31
    📄
    accounts-with-accounts-type-small
    accounts · AA
  8. 2019-10-03
    📄
    accounts-with-accounts-type-small
    accounts · AA
  9. 2019-05-14
    📄
    change-person-director-company-with-change-date
    officers · CH01
  10. 2018-08-24
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  11. 2018-04-06
    📄
    capital-statement-capital-company-with-date-currency-figure
    capital · SH19
  12. 2018-04-06
    ⚠️
    legacy
    insolvency · CAP-SS
  13. 2018-04-06
    📄
    legacy
    capital · SH20
  14. 2018-04-06
    📄
    resolution
    resolution · RESOLUTIONS
  15. 2017-07-28
    📄
    accounts-with-accounts-type-dormant
    accounts · AA
  16. 2015-12-31
    ➖
    ANDERSON, Robert William resigned
    director
  17. 2015-12-31
    ➖
    ITO, Kazuyoshi resigned
    director
  18. 2014-08-22
    ➖
    GRINDLAY, George Scotland resigned
    director
  19. 2012-08-25
    🔓
    Charge satisfied #1
  20. 2012-01-09
    🔒
    Charge registered #2
    Lender: Hsbc Bank PLC
  21. 2010-09-10
    🔒
    Charge registered #1
    Lender: Royal Bank of Scotland PLC
  22. 2010-04-28
    ➕
    DAVIS, Catherine appointed
    secretary
  23. 2010-04-28
    ➕
    BREMNER, Stephen appointed
    director
  24. 2010-04-28
    ➖
    ANDERSON, Robert William resigned
    secretary
  25. 2010-04-28
    ➕
    GRINDLAY, George Scotland appointed
    director
  26. 2010-04-28
    ➖
    MCCULLOCH, Thomas Rowan resigned
    director
  27. 2008-04-29
    ➕
    ITO, Kazuyoshi appointed
    director
  28. 2008-04-29
    ➖
    KANAUCHI, Kazuhiro resigned
    director
  29. 2006-12-31
    ➖
    CARNIE, Alexander George resigned
    director
  30. 2006-04-26
    ➕
    ANDERSON, Robert William appointed
    director
  31. 2006-04-26
    ➖
    EAMES, Dennis Alfred resigned
    director
  32. 2004-06-29
    ➕
    KANAUCHI, Kazuhiro appointed
    director
  33. 2004-06-29
    ➖
    YAMAMOTO, Kosei resigned
    director
  34. 2003-05-15
    ➖
    MATSUI, Kenichi resigned
    director
  35. 2002-06-27
    ➖
    HIDAKA, Yoichi resigned
    director
  36. 2002-06-27
    ➕
    YAMAMOTO, Kosei appointed
    director
  37. 2002-03-21
    ➕
    MCCULLOCH, Thomas Rowan appointed
    director
  38. 2001-11-30
    ➖
    MILNE, James Elder resigned
    director
  39. 2001-03-29
    ➕
    HIDAKA, Yoichi appointed
    director
  40. 2001-03-29
    ➕
    MATSUI, Kenichi appointed
    director
  41. 1999-03-17
    ➕
    CARNIE, Alexander George appointed
    director
  42. 1999-03-17
    ➖
    MCDONALD, John Smith resigned
    director
  43. 1998-03-31
    ➖
    WAY, John Robert resigned
    director
  44. 1997-04-01
    ➕
    EAMES, Dennis Alfred appointed
    director
  45. 1996-03-19
    ➕
    WAY, John Robert appointed
    director
  46. 1996-01-25
    ➕
    ANDERSON, Robert William appointed
    secretary
  47. 1996-01-25
    ➖
    BRODIES WS resigned
    corporate-nominee-secretary
  48. 1996-01-25
    ➖
    CAMPBELL, Alistair Carnegie resigned
    nominee-director
  49. 1996-01-25
    ➖
    GUILD, David William Alan resigned
    nominee-director
  50. 1996-01-25
    ➕
    MCDONALD, John Smith appointed
    director
Showing most recent 50 of 55 events

Owner dependency

85/100
Critical — business is the founder

The business appears inseparable from the founder. Acquisition without a serious earn-out or meaningful transition period would likely destroy value.

FACTORS
  • +Sole director: Only one active director — all governance concentrated on one person.
  • +Long-tenure founder: Senior director has been in place 16 years — deep operational knowledge concentrated in one person.

Succession & seller-readiness

68/100
Strong succession signal

Multiple signals suggest succession is on the horizon. Candidate for proactive outreach.

SIGNALS
  • primarySole active director: Only one director in control. No visible successor — buyers solve the succession problem.
  • secondary12+ year tenure: Director in role 16 years.
  • secondaryStable-but-static management: Company is 30 years old and no new directors in the last 3 years — succession not yet being planned internally.
  • supportingClean filings + long tenure: Disciplined long-tenure operator — classic lifestyle-business pattern that often sells quietly.

Red flags

1 high ·
1 insolvency-related filing on record
high

Filings relating to insolvency, liquidation, or administration exist in the company's history. Review before proceeding.

Evidence: 2018-04-06: legacy

Group structure

The Tomatin Distillery Company Ltd is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️
The Tomatin Distillery Company Ltd
Corporate parent · holds 75-100% shares · board control
ultimate parent
⬇
J & W HARDIE LIMITED
This company · SC162555

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

Shareholders & ownership

1 active beneficial owner · dominant holder ≥75%
NameSharesVoting rightsNature of controlNotified
The Tomatin Distillery Company Ltd
Corporate entity
75–100%
75–100%board control75-100% shares · 75-100% voting · board control06/04/2016

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 →

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Peers ranked by estimated value, then turnover, then opportunity score.See all →
🔒Tailored diligence questions

8 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
Incorporated1996-01-10
Jurisdictionscotland
Primary SIC11060 — Manufacture of malt

Registered office

C/O Brodies Llp Capital Square
58 Morrison Street
Edinburgh
EH3 8BP
United Kingdom

Filing status

Accounts
Next due: 2026-09-30
Last made up to: 2024-12-31
Confirmation statement
Next due: 2027-01-24
Last: 2026-01-10

Officers (2 active · 17 resigned)

DAVIS, Catherine→
secretary · appointed 2010-04-28
View their other companies + combined net worth →
Active
BREMNER, Stephen→
director · ~50y · appointed 2010-04-28
View their other companies + combined net worth →
Active
ANDERSON, Robert William→
secretary · appointed 1996-01-25 · resigned 2010-04-28
Resigned
BRODIES WS→
corporate-nominee-secretary · appointed 1996-01-10 · resigned 1996-01-25
Resigned
ANDERSON, Robert William→
director · ~73y · appointed 2006-04-26 · resigned 2015-12-31
Resigned
CAMPBELL, Alistair Carnegie→
nominee-director · ~72y · appointed 1996-01-10 · resigned 1996-01-25
Resigned
CARNIE, Alexander George→
director · ~83y · appointed 1999-03-17 · resigned 2006-12-31
Resigned
EAMES, Dennis Alfred→
director · ~80y · appointed 1997-04-01 · resigned 2006-04-26
Resigned
GRINDLAY, George Scotland→
director · ~67y · appointed 2010-04-28 · resigned 2014-08-22
Resigned
GUILD, David William Alan→
nominee-director · ~73y · appointed 1996-01-10 · resigned 1996-01-25
Resigned
HIDAKA, Yoichi→
director · ~94y · appointed 2001-03-29 · resigned 2002-06-27
Resigned
ITO, Kazuyoshi→
director · ~65y · appointed 2008-04-29 · resigned 2015-12-31
Resigned
KANAUCHI, Kazuhiro→
director · ~64y · appointed 2004-06-29 · resigned 2008-04-29
Resigned
MATSUI, Kenichi→
director · ~71y · appointed 2001-03-29 · resigned 2003-05-15
Resigned
MCCULLOCH, Thomas Rowan→
director · ~76y · appointed 2002-03-21 · resigned 2010-04-28
Resigned
MCDONALD, John Smith→
director · ~96y · appointed 1996-01-25 · resigned 1999-03-17
Resigned
MILNE, James Elder→
director · ~87y · appointed 1996-01-25 · resigned 2001-11-30
Resigned
WAY, John Robert→
director · ~83y · appointed 1996-03-19 · resigned 1998-03-31
Resigned
YAMAMOTO, Kosei→
director · ~88y · appointed 2002-06-27 · resigned 2004-06-29
Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

2
Total charges
1
Outstanding
1
Active lenders
Status:Lender:2 of 2 shown
TypeProperties
outstanding
HSBC
Hsbc Bank PLC
Floating charge1 property09/01/2012—
satisfied
Lloyds Banking Group
Royal Bank of Scotland PLC
Floating charge1 property10/09/201025/08/2012
Click column headers to sort. Use filters above to narrow by status and lender.

Recent filings (117 total)

confirmation-statement-with-no-updates
confirmation-statement · CS01
2026-01-15
accounts-with-accounts-type-dormant
accounts · AA
2025-09-08
confirmation-statement-with-no-updates
confirmation-statement · CS01
2025-01-23
accounts-with-accounts-type-dormant
accounts · AA
2024-09-19
confirmation-statement-with-no-updates
confirmation-statement · CS01
2024-01-11
accounts-with-accounts-type-dormant
accounts · AA
2023-10-23
confirmation-statement-with-no-updates
confirmation-statement · CS01
2023-01-10
accounts-with-accounts-type-small
accounts · AA
2022-10-07
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2022-02-14
confirmation-statement-with-no-updates
confirmation-statement · CS01
2022-01-24
accounts-with-accounts-type-small
accounts · AA
2021-09-30
confirmation-statement-with-updates
confirmation-statement · CS01
2021-01-18
accounts-with-accounts-type-small
accounts · AA
2020-12-31
confirmation-statement-with-updates
confirmation-statement · CS01
2020-01-22
accounts-with-accounts-type-small
accounts · AA
2019-10-03