A Scot on Scotch

WHISKY REVIEWS, NEWS, HISTORY & FOLKLORE

A controversial bargain?

The whisky featured in this review is a small batch release from a well established independent bottler. The Signatory Vintage Speyside (M) 2011 created quite a buzz when it landed on shelves in the latter part of 2024 and I’m going to explore the reasons for that, as well as giving my thoughts on the dram itself.

Signatory is an independent bottler established in 1988 by Andrew Symington, a former manager of the Prestonfield House Hotel in Edinburgh. Though initially based in the capital city, Signatory relocated in 2002, when Symington took over Edradour Distillery on the outskirts of Pitlochry in Highland Perthshire.

Signatory is known for a frantic release schedule and a penchant for sherry cask maturation. This outpouring has always suggested a well stocked warehouse, the likes of which other indie bottlers could only dream of. That idea was somewhat backed by the release of the Speyside (M).

It’s little mystery that the M meant Macallan but the release took people by surprise thanks to its accessible price point. Independently bottled Macallan doesn’t come around very often and when it does, it’s priced for the die-hards only. Even official bottlings from owner, Edringon, have long since left affordability behind. The core release 12-year-old Sherry Oak expression, bottled at a lowly 40% abv, will set you back around £80. How was it then, that Signatory could release a 13-year-old at cask strength for just £55?

All sorts of questions bounce around my head regarding this dram. Like, what exactly was the intention? Did Signatory release it at this price simply because they could? I certainly can’t believe it was out of desperation to sell unwanted stock. Was it a bold flex in troubled times? Was it an attempt to throw the cat among the pigeons and stir up debate whilst putting their name on everyone’s lips? If so, it worked.

Perhaps it’s worth noting that this isn’t the first time I’ve encountered bargain releases from Signatory. One that instantly springs to mind was a 20-year-old Clynelish I bought for £50 a few years ago. Maybe this is just something they like to do from time to time.

Then there’s the matter of profit. If Signatory can make money doing this (if indeed they are), why do others feel the need to charge so much for comparable whiskies? Some bottlers have long-standing filling agreements with distillers that allow them to fill their own casks with new make, direct from the source, rather than buying expensive casks of mature whisky. Perhaps that’s what happened here and maybe that’s what kept costs down.

The release was understandably popular with whisky drinkers. Macallan, despite making every effort to distance itself from people who actually drink the stuff, retains a certain appeal for many. People talk of it with a wistful look in their eye, as though lamenting a long lost friend. They reminisce over the wonderful old Macallan malts they drank before anyone had given a second thought to collectors, investors or flippers. No wonder Signatory had such a hit on their hands. However, the response wasn’t universally positive.

The independent bottling scene has grown increasingly crowded in recent years and the demand for casks has pushed prices up. In such a competitive market, some companies are inevitably going to feel the pinch when sales slump as in recent months. It’s perhaps understandable that some competitors would feel aggrieved when an established bottler undercuts a stuttering market.

Edinburgh-based indie bottler, Woodrow’s, responded to Signatory’s release with their own bottling. The Race to the Bottom Edition was a Highland* (Motherlover) 9-year-old that featured a gravestone on the label that read “RIP Little Independent Bottlers“.

*Macallan, whilst being firmly within the Speyside region, has always labelled itself a Highland Malt.

As a bystander, this was something of a confusing response. I’m sure it was intended with tongue-in-cheek but for me, it came across a wee bit unsavoury. Petty, even. On one hand, I love to support wee independent bottlers but on the other, I’ve spent much of the last ten years getting more and more frustrated at spiralling prices.

I and, I presume, most of the people reading this, will always support the Scotch whisky industry but if the distillers, blenders and bottlers would repay that by kindly stepping into the shoes of the people that keep them afloat, they’d perhaps recognise just how lucky they’ve been to have such loyal buyers, who were ready to sink their hard-earned cash into new release after new release.

Whisky drinkers have been extremely understanding when the excuses have rolled out… The secondary market is driving up prices. The cask investment craze is making casks harder to source. We’re dealing with tariffs. Energy costs are up. Barley costs are up. All of this may have been true but the end result was always that the loyal customer was asked to pay more and more for less and less.

Wee indies weren’t to blame. Indeed, Woodrow’s has always seemed a fine bottler to me – one with an eye for a good cask – but the reaction to the Signatory Speyside looked a wee bit like throwing the toys out the pram. I’m sure it was intended as a dig at Signatory, but it also felt a bit like a dig at the punters who snapped up the bargain.

I don’t want to see any whisky company struggle, regardless of their size, but we must not forget that this is an industry that has basked in the comfort of a seller’s market for years. Now the dynamic is shifting a bit. Good. Maybe it’s time the punter had a bit more power and a bit more say in what is acceptable pricing. Times are tough for us too and after all these years of paying through the nose, are we supposed to feel apologetic or sheepish when we snap up a bargain? Fuck that.

Signatory Vintage Speyside (M) 2011 Review

The Signatory Vintage Speyside (M) 2011 was matured in 1st fill & refill oloroso sherry butts and bottled at an abv of 57.1%.

Tasting notes: The nose is textbook sherry bomb. There’s bags of raisins, figs, nutmeg, cloves, cinnamon, ginger and brown sugar. There’s also walnut, tobacco leaves and golden syrup. Some bright cherry top notes there too. The palate follows a similar path with the dried fruits leading the way. More oak than the nose with some charcoal and dark chocolate coming through. The cherry note again and some sherry soaked orange zest.

Thoughts: There’s no surprises here – it does exactly what you expect from it. I’m trying to avoid the “Christmas Cake” cliche but it’s almost impossible because all those notes are present and correct. When people think of Macallan, they think of something like this and that combined with the price will have made it a great buy for the vast majority to come across a bottle. If I was being hyper critical I could perhaps accuse it of a lack of balance? It’s very oak dominated and I struggled to pick out anything in the way of spirit character but will that bother the people that bought one? Does it particularly bother me? Not really because I knew what to expect and it delivers.

Price: £55. A good price for any cask strength single malt at 13 years of age – never mind one with this sort of hype.

** since publishing, I’ve actually been reminded that the whisky was £45, not £55. Which is even more ridiculously cheap.

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