For an uncarbonated drink, whisky does seem to contain a lot of bubbles.
From the late 19th century to the Covid boom, and when those bubbles burst after a period of overproduction, independent bottlers often swoop on the excess stock.
Two recently launched indies, however, have been greeted with some skepticism. Why? Because One Cask at a Time and Whisky 1901 are also cask investment companies – far from the most loved players in the centuries-old game of trading whisky.
The former is linked to VCL Vintners while the latter was born from the 1901 Group. That’s no bad thing on paper, and neither company has ever been accused of wrongdoing. But all legitimate cask investment companies have been affected by the BBC documentary, Hunting the Whisky Bandits, which revealed a practice of mis-selling casks to investors. Neither VCL nor 1901 Group was implicated in that documentary, which aired in March 2025.
Six months later, One Cask at a Time launched a three-tiered collection of single cask whiskies. Whisky 1901 was close behind, launching its first full range, the Ledger Series, earlier this year. Were these launches an attempt to demonstrate that, rather than being external players in search of profit, they were fully integrated into Scotch whisky?
Ben Lancaster, founder of VCL, says no: “It wasn’t a snap reaction. If that were the case, that would mean we’d have created an entire brand in a couple of months – impossible. We started working on this idea in 2022, employed Russell Bradley (head of brand development) to run it in late 2023, and developed it over two years before launch.”
Aaron Damiano Sparkes, CEO of the 1901 Group, says that he first planned bottlings when he tasted a 1988 Glenburgie cask in 2022 – that was eventually released as a 35-year-old in 2024. “We followed it with a 25-year-old Jura. But those are at the higher end, so we wanted to release some more accessible whiskies, too.”
Blair Bowman, a cask broker for the industry and private clients, and a perennial thorn in the side of the cask investment sector, points to another aspect of timing: “Just at the time when investors who bought casks five or six years ago [the height of the market during the Covid bubble] are looking to exit and finding that difficult, these companies unveil a bottling arm of their business to demonstrate a potential exit.”
Selling whisky direct to consumers by the bottle, rather than the whole cask to another investor, is a legitimate exit, and as Sparkes says, is broadly beneficial: “In terms of kudos, certainly, it’s great for 1901 Group to have a bottling arm to it,” he says. “The reason why whisky as an investment works is because people drink it. We, as a company, must be promoting that as well.”
Bradley rejects Bowman’s suggestion in blunt terms: “As the name suggests, we are bottling one cask at a time. VCL has around 10,000 casks. Do the math – we’re never going to bottle anywhere near that inventory.”
Some don’t regard these as genuine independent bottlers at all. Sukhinder Singh is the managing director of Elixir Distillers, an independent bottler for 25 years and now a distillery owner, too. He questions the credentials of many newer indies – not only the cask investment companies.
He says: “Anyone can call themselves an independent bottler: a retailer, an importer, a bottling line company. Now, cask companies are getting in to earn a little extra. But they’ve come from nowhere; they don’t have the experience; often, they don’t nurture the casks in their own warehouse; and a lot of newcomers are not selective enough about casks – not every cask is worthy of bottling on its own. What worries me is that, with too many average bottlers, it will give independent bottling a bad name.”
“Anyone can call themselves an independent bottler: a retailer, an importer, a bottling line company.”
Sukhinder Singh
But in the end, for the consumer, all that matters is quality and value – be it in an official distillery release or an independent bottling. Both One Cask at a Time and Whisky 1901 have won several prestigious blind-tasting awards (two Ledger Series releases have more medals than a Soviet general, and all six have at least one; One Cask at a Time has a more modest but respectable haul). Companies pay to enter these competitions, but the tastings are blind – much of the whisky they bottle is very good.
The directors of the cask investment companies stress that decisions on what to bottle are taken by the frontman of the bottling arm. Matt Chambers from Whisky 1901 is an experienced whisky writer and broadcaster, ambassador and consultant, and was inducted as a Keeper of The Quaich over a decade ago. Russell Bradley has worked in new product development for the William Grant & Sons Group, most notably for its high-end House of Hazelwood brand.
Some have insinuated that such experienced figures are mere window-dressing recruited by non-whisky people. Bradley points out he was approached by a former WGS colleague who also works at VCL, in the way that many Scotch whisky appointments are made. Chambers worked as a consultant on a limited basis while he got to know the company: “I knew I would get flak and I have, but I did my due diligence. I feel they’re trying to show what good looks like.”
Chambers was presented with a shortlist of around 40 casks in the 1901 Group’s inventory from which to select the initial six for the Ledger Series, and Sparkes confirmed that will continue to be the model. Chambers adds: “When you’re new, you stand or fall by the liquid; you have to be spot on. I didn’t just pick half a dozen whiskies I liked; I needed to decide on a direction to go in. I looked for samples where the distillery character was shown off, the cask type is showing well at that age and finding the sweet spot between the two.”
One Cask at a Time operates differently, according to Bradley: “When I say we are an independent bottler, what I mean is that we source casks independently, as well as through the VCL portfolio. The first six whiskies we launched were sourced from VCL, but some of the bottles since have been from Aceo, Cask Trade, North Star Spirits, and other independent bottlers. All my decisions are about providing quality to the consumers of whisky.”
Cask Trade, which sells its casks within the whisky industry as well as to private investors, has released a few bottlings itself: teaming up with “Hairy Biker” Si King and, this year, fashion designer Siobhan Mackenzie.
But Cask Trade CEO Simon Aron is adamant it is not an independent bottler: “Those have been collaborations and, wholly or in part, the profits have gone to charity – food banks in the north-east [of England]; and The Drinks Trust. I got into whisky because of independent bottlers – that’s what I mainly buy. And we sell casks to well over 100 of them around the world. I don’t want to damage any reputation I have with them by creating my own brand and trying to compete on the shelf with them.”
When it comes to value, limited-edition or single-cask bottlings offer something different from the consistency of a distillery’s core range, and the economies of scale mean indies will be more expensive than original bottlings.
Comparing prices, at £699 ($940), One Cask at a Time’s 27-year-old Highland Park is cheaper than an equivalent from the same era from a more established independent bottler. At the lower end, a 15YO Glen Garioch for £115 ($155) is arguably overpriced, albeit slightly. Whisky 1901’s Invergordon 21-year-old grain whisky is perhaps a notch too much at £145 ($195); but the 18-year-old Miltonduff is a bargain at £160 ($215).
Whisky 1901’s Ledger Series is quite targeted, says Chambers: “We looked at the market and felt that the £50 ($70) mark for seven- and eight-year-old whiskies is saturated. But people are still looking for quality between £100 ($130) and £200 ($260).” Russell Bradley is clearly on the same page, saying One Cask at a Time must offer “not just something as good as what’s on the market, but better.”
Both companies slightly overstate the uniqueness of their offering – independent bottlings of single casks from sometimes obscure distilleries (i.e. ones who usually supply blenders) are rare compared to bottles of Johnnie Walker or Glenfiddich, but they are the stock in trade of independent bottlers. But both Whisky 1901 and One Cask at a Time are introducing the concept to a luxury lifestyle crowd beyond whisky nerds – at Cowdray Park polo matches, at game fairs, displayed alongside high-end watches, and so on.
In this sense, they are potentially expanding the palates of a whole new set of whisky drinkers beyond the obvious single malts. That’s a gamble, particularly since cask-strength single malts aren’t considered the easiest entry point to Scotch, but if it pays off, the customer base broadens, and everybody wins.
The Whisky Worth Trying
Cask Trade, Cask & Crust Pulteney 2014
Single-cask, single malt; 11 years; refill cask; 46% ABV; £40 ($60)
This, from the “maritime malt” distillery at Wick, is the pick of the three charity bottlings made in collaboration with former Hairy Biker Si King, meant to be paired with a chicken, haggis and bacon pie (or any combination of those!).
Nose: Ovaltine; lemon zest
Palate: Baked apples; oaty biscuits; dirty martini
Finish: Tajin chili lime salt
Awards: Not entered for any awards
Whisky 1901, Invergordon 2005
Single-cask, single grain; 21 years; bourbon cask; 56.3% ABV; £145 ($195)
A rich and complex grain whisky from the distillery located on the Cromarty Firth (unusually north for a grain facility). Like many a long-aged grain, it has developed very well.
Nose: Strawberry, melon and a hint of coconut, plus a pleasant solvent character
Palate: Salted-caramel millionaire shortbread; lemon meringue pie
Finish: Creme anglaise with orange zest
Awards: Silver, The Scotch Whisky Masters 2026
Whisky 1901, Miltonduff 2006
Single-cask, single malt; 18 years; sherry cask; 51.2% ABV; £160 ($215)
A rare bottling of an aged Miltonduff, the Speyside distillery near Elgin, which is mostly used by Ballantine’s to give it spiced pear notes. The sherry aging enhances that here.
Nose: Fresh pear; powdered cinnamon and ginger
Palate: Pear frangipane tart; candied citrus peel
Finish: Toasted hazelnuts; turmeric; smoked paprika
Awards: Gold, San Francisco World Spirits Competition 2026; Silver (single-malt Speyside, 13 to 20 years), World Whiskies Awards 2026; Bronze, IWSC International Wine & Spirit Competition 2026
One Cask at a Time, Auchentoshan 1998
Single-cask, single malt; 26 years; unspecified cask; 59.2% ABV; £375 ($505)
A bright, juicy Lowland malt from the outskirts of Glasgow (and arguably the most satisfying distillery to say), bursting with fruit from all parts of the greengrocer.
Nose: Lemon juice; white pepper; honeysuckle
Palate: Raspberry, pineapple, butterscotch
Finish: Aromatic herbs – mint and basil – and toffee sweetness
Awards: Bronze, Scotch, Scottish Whisky Awards 2025
One Cask at a Time, Highland Park 1996
Single-cask single malt; 27 years; unspecified cask; 43.4% ABV; £699 ($940)
An unusually named indie bottling from the best-known Orkney island distillery, this shows its age but will appeal to those who like robust flavors in their whisky.
Nose: Driftwood, sea spray, bladderwrack and banana esters
Palate: Toasted oak and peat; salted caramel; wood spices and pepper
Finish: Smoldering heather
Awards: Gold, Spirits Business Global Scotch Whisky Masters 2025
