Client Update - March 2026

Dear WhiskyInvestDirect client,

After two years of stabilisation and course correction within the wider Scotch whisky industry, 2026 is off to a positive start. The larger producers, as is often the case, have been a bit slower to turn the ship around, and more reliant on markets like the USA which has been experiencing a tariff-fuelled slowdown across all spirits. However, the small- and medium-sized players have found new opportunities for growth, leading to several Bulk Trade Bids and trade purchases in the first few months of the year.

Most recently, nearly £1m of stock from Borders Distillery was bought back from clients by the industry, the biggest single payday for investors since 2023. Even better, new stock from the same distillery is due to be launched via pre-order in the coming weeks, starting the next phase of the investment cycle and showing the benefit of close working relationships with the trade.

We have also been working behind the scenes to improve the web platform. So far the work has mostly focused on improving performance. The technical demands of the platform have grown exponentially from our inception when we had 20-30 lines of whisky on offer, to today when there are over 350 to choose from. We also recognise that the look and feel of the website is in need of a refresh after all that time, and we are looking to make that happen.

Our Referrer programme is also receiving an update, aimed at giving you a better and more tangible reward for referring friends to the WhiskyInvestDirect platform. More details will follow shortly.

We have seen more trading on the Live Order Board in the first quarter of 2026, and liquidity has improved versus 2025. However, there is still more work to be done, and our focus for the rest of the year is to make sure that clients who wish to sell have opportunities to do so. It has been an encouraging start to the year, with activity trending upwards, but I am sure that our clients will want to see hard evidence and results as we do.

Thank you as always for your continued support,

Regards,

Ben Challen,

Commercial Director, WhiskyInvestDirect