Lark Distilling Co has been awarded $4.5 million by the Federal Government with the funds to be directed to building a new single malt distillery on the Shene Estate in Pontville.
It is one of four Tasmanian businesses to share in almost $20 million of funding through Round 2 of the Integration and Translation Streams of the Modern Manufacturing Initiative.
Campaigning in Tasmania over the weekend, the Prime Minister said, “Tasmania has got the goods, the talent and the innovation to take on the world, and the Coalition’s economic plan is backing the state to do exactly that.
“The Coalition’s $20 million cash injection for these projects will be leveraged with over $44.2 million in private sector co-investment. It’s just the boost these four impressive businesses need to take their products to the next level, creating jobs from their good ideas and hard work.”
In its report for the quarter, Lark projects that it will have 2 million litres under maturation by the end of this financial with a potential net sales value of $422 million (at an average of $216 per litre), The new distillery in Pontville will be capable of producing one million litres of spirit on a distillery system that will also be manufactured locally in Westbury, Tasmania.
With this kind of production capability, Lark’s export potential will grow at least ten to twenty times over its current export volumes and showcase the Australian premium spirits industry to key global markets in Asia, United Arab Emirates, United Kingdom, Canada, and the United States, the government said.
Liberal Candidate for Lyons, Susie Bower said the investment would facilitate an expansion of Tasmania’s whisky industry.
“Lark is one of Australia’s most recognised whisky brands, and has singlehandedly developed Tasmania’s global reputation as a distilling powerhouse,” Ms Bower said.
“In addition, the whisky stills will be manufactured locally in Westbury, delivering even greater economic benefit for local businesses. The Liberal Government is building a strong economy for a stronger future, and we are backing businesses like Lark to boost Tasmania’s manufacturing capabilities.”
Lark’s net sales for the quarter were $3.3 million and the business has secured a distribution deal in China with GNT. Its global search for a new CEO continues.
