Sold in a pre-pack deal to Mr Bank’s firm Ruby Capital, the deal includes the distillery’s leasehold interest, branding rights, intellectual property, stock, and equipment. The deal has saved 41 jobs at the St Andrews-based distillery.

According to administrators Begbies Traynor, the sale process attracted significant attention, with 40 formal notes of interest submitted. Ultimately, three formal bids were tabled, with Mr Banks’ £8.26m offer proving to be the highest.

While the sale ensures the distillery’s future, the financial fallout remains significant for some. RBS has been paid in full as a result of the sale, while more than £5 million remains owed to unsecured creditors.

The report highlights a “perfect storm” of financial pressures that forced the company into administration. The multi-million-pound visitor centre in Guardbridge suffered construction delays, causing the business to miss the lucrative peak summer tourist season and the high-margin cash flow it would have generated.

A largely unfulfilled payment from a Japanese cask investor contributed to the liquidity crisis. The company had anticipated £500,000, but only received £100,000. A broader downturn in the whisky sector further squeezed the company’s finances.

Prior to the collapse, Eden Mill had identified a funding requirement of £3.5m to sustain operations through to September 2026. However, attempts to secure this capital from internal or external investors were unsuccessful, leaving the company with insufficient cash to meet creditor demands.

Mr Banks, best known for founding and selling the Balhousie Care Group, had previously been appointed a director of Eden Mill in January 2023. The distillery, originally founded in 2012, had been purchased by private equity firm Inverleith LLP in 2022 for a sum understood to be over £10m.