Swedish whisky maker eyes stock market listing

Sweden's Mackmyra Svensk Whisky has announced its plans to list on the stock market later this year, adding that it is now looking for a CFO to help accomplish the task.

Swedish whisky maker eyes stock market listing

“Distillery construction is going really well and we expect production to get underway this year. The construction is already higher than the treetops,” Mackmyra founder and CEO Magnus Dandanell said in a statement on Sunday.

The company produced Sweden’s first malt whisky 13 years ago in Valbo about 10 kilometres southwest of Gävle in eastern Sweden.

The company was established in 1999 and now produces the equivalent of 600,000 flasks of whisky each year.

The first years were devoted to small batches and many experiments to find the perfect Swedish malt whisky. By 2001, the brand had perfected two recipes: one elegant and fruity, the other with a distinctively Swedish smokiness.

Both are sold in Systembolaget, as well as duty-free shops and selected overseas markets.

“With the new distillery in operation, we will more than triple our production capacity, which is needed to launch our products outside the Nordic countries,” said Dandanell

“In parallel, we have begun work on a project to finance the operation and construction of maturity stock volumes as needed.”

Mackmyra currently offers innovative whiskey experiences through its award-winning Brukswhisky, the intimate Gravity Cask and its adventurous Mackmyra Whisky Tastings.

These take place at Fjäderholmarna off the coast of Nacka and Djurgården in Stockholm, Gävle, Gothenburg, Häckeberga Slott in Lund in southern Sweden, Karlstad in central Sweden, Högbo near Sandviken and Smögen in western Sweden, as well as the Valbo distillery.

In the coming years, the company will also offer its whiskys and whisky experiences outside the Nordic region.

“As part of our continued growth, we are also creating a dedicated role for Sweden’s first whiskey CFO,” said Dandarell.

The company had sales of about 100 million kronor ($15.44 million) last year and 45 employees, according to newspaper Dagens Industri on Monday.

The goal is to triple whiskey production and Dandarell hopes to raise several dozen million kronor from the offering, the report said.

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Spain has second highest rate of daily alcohol drinkers in EU 

More than one in ten Spaniards drink alcohol every day, making them the Europeans who drink most regularly after the Portuguese, new Eurostat data reveals. 

Spain has second highest rate of daily alcohol drinkers in EU 
Photo: Cristina Quicler/AFP

Thirteen percent of people in Spain drink alcohol every day, a similar rate to Italy, where 12 percent enjoy a tipple on a daily basis, and only behind Portugal, where 20 percent of people have an alcoholic drink seven days a week.

That puts Spaniards above the EU average of 8.4 percent daily drinkers, data published by Eurostat in July 2021 reveals. 

This consistent alcoholic intake among Spaniards is far higher than in countries such as Sweden (1.8 percent daily drinkers), Poland (1.6 percent), Norway (1.4 percent), Estonia (1.3 percent) and Latvia (1.2 percent). 

However, the survey that looked at the frequency of alcohol consumption in people aged 15 and over shows that weekly and monthly drinking habits among Spaniards are more in line with European averages. 

A total of 22.9 percent of respondents from Spain said they drunk booze on a weekly basis, 18.3 percent every month, 12.5 percent less than once a month, and 33 percent haven’t had a drink ever or in the last year. 

Furthermore, another part of the study which looked at heavy episodic drinking found that Spaniards are the third least likely to get blind drunk, after Cypriots and Italians.

The Europeans who ingested more than 60 grammes of pure ethanol on a single occasion at least once a month in 2019 were Danes (37.8 percent), Romanians (35 percent), Luxembourgers (34.3 percent) and Germans (30.4 percent). 

The UK did not form part of the study but Ireland is included. 

Overall, Eurostat’s findings reflect how the Spanish habit of enjoying a glass of wine with a meal or a small beer (caña) outdoors with friends continues to be common daily practice, even though 13 percent does not make it prevalent. 

Spaniards’ tendency to drink in moderation also continues to prevail, even though a 2016 study by Danish pharmaceuticals company Lundbeck found that one in six people in the country still drinks too much.