Failed Nant scheme barrels to become 500ml bottles from The Remnant Whisky Company

A whisky producer has bought hundreds of barrels from dudded Nant investors stung by a failed buyback scheme, turning the hellish financial hangover into something delicious.

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A TASMANIAN whisky producer bought nearly 300 full barrels from dudded Nant investors stung by a failed buyback scheme.

Whisky identity Peter Bignell has turned the hellish hangover into The Scoundrel, a 44 per cent abv Tasmanian Single malt.

The 500ml bottles from The Remnant Whisky Company will cost $139.

Bottling of the first batch began this week.

Mr Bignell, of Belgrove Distillery near Kempton, said he was also burnt in the whisky barrel scheme by Nant.

Belgrove Distillery owner Peter Bignall with a bottle of The Remnant Whisky Company, The Scoundrel at Kempton. Picture: Chris Kidd

“I got out early. I told Nant I wanted to be paid out in 2014,” he said.

“I realised back then it was not right and I was worried it was a Ponzi scheme.”

Hundreds of investors in the $21m whisky barrel investment scheme discovered on Christmas Eve 2019 their whisky is of little or no value – and they must pay to take it back.

Not only did the healthy ­returns promised by the Tasman­ia-based Nant Whisky barrel buyback scheme not eventuate, but many were told their whisky is worth a fraction of their original investment – or does not exist.

Belgrove Distillery, The Remnant Whisky Company, The Scoundrel at Kempton. Picture: Chris Kidd

In what many investors saw as a final insult, they had to pay between $420 and $960 for each of the barrels in which their whisky is held before they could take possession of it.

Mr Bignell says many of those who hung on hoping to make a profit from the mature whisky then felt burdened by the process. With his son Dane, and business associates The Remnant Whisky company formed in January.

He said he could not pay investors what they outlaid originally but it was better than nothing and many were happy to cut their losses and move on.

“I have whisky expertise and understand about time and blending,” he said.

The Scoundrel has aromas of toffee, marmalade and caramelised fig, raspberry, on the palate fortified wine flavours of peach, plum jam and pear. The French and American oak brings a smooth finish of vanilla bean and caramel.

Belgrove Distillery owner Peter Bignall with a bottle of The Remnant Whisky Company, The Scoundrel at Kempton. Picture Chris Kidd

Police estimate 800 investors ploughed savings into the scheme before Nant collapsed in 2017, owing $5m. The matter is still under investigation. Investors paid $5000 to $10,000 for a barrel of whisky, with the promise of it being bought back from them when mature in four years at a 9.55 per cent compound return.

Nant’s new owners, Australian Whisky Holdings, had all the barrels assessed to find that what promised to be liquid gold is mostly anything but.

Mr Bignell understands 5 per cent had been assessed as “A grade”, 50 per cent was “usable” and 45 per cent “unusable” and some of the whisky was watered down while other barrels were never filled.

Farmers Tim and Catherine Johnson paid AWH $1260 to take possession of their three barrels which had been diluted with water, purchased for $10,000 in 2012.

They declined AWH’s offer of $1400 to $1700 for each of the barrels and instead stored them with Mr Bignell.