ANNANDALE DISTILLERY COMPANY LIMITED

🌳Matureactive

SC316346 · ltd · incorporated 2007-02-12

Investment thesis

Well-run mature business — low negotiation leverage; premium likely.

Why interesting: Textbook target; clean filings, stable trading.

Why risky: No pressure on seller; any deal likely at full price.

Opportunity decay

hardening · 12-months

Already tight — no obvious softening catalysts on the horizon.

· Thesis: well-run, low negotiation leverage

🔒Estimated value

—

Upgrade to see

Turnover

—

not disclosed

Net worth

—

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. 7 distinct lenders creates friction — refinance into single-lender structure for cleaner diligence. Most likely exit: share sale to pe / searcher (65/100).

🏦

Refinance opportunity

11 live charges · 7 lenders · oldest 19.1y

35/100

too messy

Refinance path is blocked by complexity. Rethink structure or expect bespoke, expensive terms.

· Oldest live charge is 19.1 years old — likely at or near maturity.
· 7 lenders named — inter-creditor friction likely.
· Legal-friction score 40/100 — workable, but lender will want more DD.

Data confidence

Overall: medium (60/100)

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

Lenders & charges

11 charges (11/11 with lender, 11/11 with type)

Directors & officers

9 officers (5 active, 9 linked, 4 with DOB)

Ownership & PSC

1 active PSC(s) of 2 total, 2 with control declared

Director network

21 connected companies via shared directors

Filing history

90 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.

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filing

• 1 accounts

Counts from Companies House filing history.

Corporate timeline (54 events)Click to expand

2026-01-06
📄
accounts-with-accounts-type-full
accounts · AA
2025-01-15
📄
accounts-with-accounts-type-full
accounts · AA
2024-10-30
📄
change-to-a-person-with-significant-control
persons-with-significant-control · PSC05
2024-05-20
📄
mortgage-satisfy-charge-full
mortgage · MR04
2024-05-20
🔓
Charge satisfied #8
2023-12-20
📄
accounts-with-accounts-type-small
accounts · AA
2023-07-25
📄
change-person-director-company-with-change-date
officers · CH01
2023-07-25
📄
change-person-director-company-with-change-date
officers · CH01
2023-05-31
📄
mortgage-alter-floating-charge-with-number
mortgage · 466(Scot)
2023-05-31
📄
mortgage-alter-floating-charge-with-number
mortgage · 466(Scot)
2023-05-31
📄
mortgage-alter-floating-charge-with-number
mortgage · 466(Scot)
2023-05-23
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2023-05-23
📄
mortgage-create-with-deed-with-charge-number-charge-creation-date
mortgage · MR01
2023-05-16
🔒
Charge registered #11
Lender: Hsbc UK Bank PLC (Company Number 09928412)
2023-05-16
🔒
Charge registered #10
Lender: Hsbc Invoice Finance (UK) Limited (Company Number 00759657)
2023-03-10
📄
notification-of-a-person-with-significant-control
persons-with-significant-control · PSC02
2023-03-10
📄
cessation-of-a-person-with-significant-control
persons-with-significant-control · PSC07
2023-03-09
📄
mortgage-satisfy-charge-full
mortgage · MR04
2023-03-09
🔓
Charge satisfied #5
2022-12-30
📄
accounts-with-accounts-type-small
accounts · AA
2022-10-04
📄
change-person-director-company-with-change-date
officers · CH01
2022-10-04
📄
change-person-director-company-with-change-date
officers · CH01
2022-10-04
📄
change-person-director-company-with-change-date
officers · CH01
2022-10-04
📄
change-person-director-company-with-change-date
officers · CH01
2022-09-21
📄
change-person-director-company-with-change-date
officers · CH01
2020-02-03
🔓
Charge satisfied #9
2020-02-03
🔓
Charge satisfied #6
2019-04-30
🔓
Charge satisfied #4
2015-10-20
🔒
Charge registered #9
Lender: Centric Spv 1 Limited
2015-10-20
🔒
Charge registered #8
Lender: Hsbc Bank PLC
2015-09-01
➕
ROGERS, Christopher appointed
director
2015-09-01
➕
SONDUR, Seshagiri appointed
director
2015-06-05
🔒
Charge registered #7
Lender: Hsbc Bank PLC
2014-04-01
🔓
Charge satisfied #2
2014-04-01
🔓
Charge satisfied #1
2013-08-19
🔒
Charge registered #6
Lender: Trustees of Mmr Limited Small Self Administered Scheme
2013-02-01
➕
ROGERS, Christopher appointed
secretary
2013-02-01
➖
MORRIS, John Graham resigned
secretary
2012-09-05
🔒
Charge registered #5
Lender: The Scottish Ministers
2012-09-01
🔓
Charge satisfied #3
2012-03-16
🔒
Charge registered #4
Lender: Centric Spv 1 Limited
2008-02-26
🔒
Charge registered #3
Lender: Barclays Bank PLC
2007-09-24
➕
MORRIS, John Graham appointed
secretary
2007-09-24
➖
WITT, Anthony David resigned
secretary
2007-05-02
🔒
Charge registered #2
Lender: Barclays Bank PLC
2007-04-01
➕
CHURCH, Teresa Carol appointed
director
2007-03-22
🔒
Charge registered #1
Lender: Barclays Bank PLC
2007-02-12
🏢
Company incorporated
As ANNANDALE DISTILLERY COMPANY LIMITED
2007-02-12
➕
THOMSON, David Marshall Hall, Prof appointed
director
2007-02-12
➕
WITT, Anthony David appointed
secretary

Showing most recent 50 of 54 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

-4 active directors: Broader management team in place — suggests transferable governance.
+Long-tenure founder: Senior director has been in place 19 years — deep operational knowledge concentrated in one person.
+Founder age: Director aged approximately 72 — succession pressure is live.

Succession & seller-readiness

83/100

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.
secondary12+ year tenure: Director in role 19 years.
secondaryStable-but-static management: Company is 19 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 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

Mathematical Market Research Limited is the ultimate parent — holding 75%+ shares. This company sits inside their group.

🏛️

Mathematical Market Research Limited

Corporate parent · holds 75-100% shares

ultimate parent

⬇

ANNANDALE DISTILLERY COMPANY LIMITED

This company · SC316346

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%

Name	Shares	Voting rights	Nature of control	Notified
Mathematical Market Research Limited Corporate entity	75–100%	—	75-100% shares	10/03/2023

1 historic (ceased) PSC

Prof David Marshall Hall Thomsonceased 10/03/2023· 75-100% 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 →

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IRVINGS HOMESTYLE BAKERY LIMITED→ SC261301 · est 2003	—	—	£804.3k	—	22y	80	88y
LACTALIS MCLELLAND LIMITED→ SC014583 · est 1927 · no financials extracted	—	—	—	—	98y	80	64y
CALEDONIAN PETFOODS LIMITED→ SC363194 · est 2009	—	—	—	2700	16y	79	66y
DARK SKY SPIRITS LTD→ SC576266 · est 2017	—	—	—	800	8y	79	67y
JOHN GILLESPIE & SONS. LIMITED→ SC015983 · est 1930	—	—	—	1900	95y	79	87y
FINLAY'S FARM LTD→ SC558749 · est 2017	—	—	—	800	9y	78	71y
JOHN ROBERTSON & SONS HAMCURERS LIMITED→ SC022598 · est 1943 · no financials extracted	—	—	—	—	82y	78	62y
LAIRDS FOODS LIMITED→ SC177975 · est 1997 · no financials extracted	—	—	—	—	28y	78	62y
GALLOWAY PASTA LTD→ SC717556 · est 2021	—	—	£4.2k	—	4y	76	63y
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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.

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Company details

Statusactive

Typeltd

Incorporated2007-02-12

Jurisdictionscotland

Primary SIC11010 — SIC 11010

Registered office

Annandale Distillery

Northfield

Annan

Dumfriesshire

DG12 5LL

Filing status

Accounts

Next due: 2026-12-30

Last made up to: 2025-03-31

Confirmation statement

Next due: 2026-11-09

Last: 2025-10-26