Artisanal Spirits Company PLC (The) Response to suspension of US Scotch whisky tariffs (2765C)
17 Junio 2021 - 06:21AM
UK Regulatory
TIDMART
RNS Number : 2765C
Artisanal Spirits Company PLC (The)
17 June 2021
17 June 2021
The Artisanal Spirits Company plc
("The Artisanal Spirits Company", "ASC" or the "Company")
Response to suspension of US Scotch whisky tariffs
The Artisanal Spirits Company (AIM: ART), the owner of The
Scotch Malt Whisky Society ("SMWS"), the leading curator and
provider of premium single cask Scotch malt whisky and other
spirits for sale primarily online to a discerning global
membership, welcomes the suspension by the US Government of the 25%
tariff on imports of Scotch whisky for a period of five years, as
announced by the UK Government earlier today, 17 June 2021.
The tariffs were imposed in October 2019 and temporarily
suspended for an initial period of four months in March 2021. As
disclosed in the Company's Admission Document, published on 4 June
2021 and available on the Company's website , the negative impact
of the tariffs on the profits of the ASC Group in 2020 was
GBP658,000. The Group budget for 2021 included a similar level of
provision.
David Ridley, Executive Managing Director of the Company, said:
"Today's trade deal is an important, positive development for the
Scotch whisky industry.
The suspension of the tariffs removes regulatory uncertainty in
one of our key markets for the foreseeable future, providing ASC
with greater visibility around US exports and enabling us to plan
with increased confidence and continuity to further build on our
rapid growth momentum in the USA.
The agreement is fantastic news for the industry and the growing
number of Scotch whisky lovers in the US, who can now look forward
to wider availability of the iconic spirit. "
For further enquiries:
The Artisanal Spirits Company plc via Alma PR
David Ridley, Managing Director
Andrew Dane, Finance Director
N+1 Singer (Nominated Adviser and Sole Tel: +44 (0) 20 7496 3000
Broker)
Sandy Fraser
George Tzimas
Asha Chotai
Alma PR (Financial PR) Tel: +44 (0)20 3405 0205
Josh Royston artisanalspirits@almapr.co.uk
David Ison
Harriet Jackson
About The Artisanal Spirits Company
Artisanal Spirits Company (ASC) is based in Edinburgh. It owns
The Scotch Malt Whisky Society (SMWS) which was established in 1983
and currently has a growing worldwide membership of 28,000 paying
subscribers.
Harnessing the experience of some of the most knowledgeable
stewards in the industry, SMWS provides members with inspiring
experiences, content and exclusive access to a vast and unique
range of outstanding single cask Scotch malt whiskies and other
craft spirits, sourced from over 100 distilleries in 20 countries
and expertly curated with diligence and care. In 2020 over 85% of
Group revenue was generated online, whilst 9% was generated through
SMWS's four UK venues.
Having initially proven its premium experience model in the UK,
SMWS is now able to offer its unrivalled breadth of distinguished
flavours to an expanding international market, with 69% of 2020
sales from outside the UK. SMWS has a growing presence in the key
international whisky markets of UK, China, USA and Europe.
ASC is building a portfolio of premium brands that bring
together some of the world's best producers with a growing movement
of discerning consumers by curating unrivalled collections of craft
spirits.
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END
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