Established in 1948 as Burn Stewart & Company, the firm was originally a London-based whisky blending, brokering and export business, with the Scottish Leader blend among its assets. It was acquired in 1988 by a group of senior Scotch whisky industry figures, including former Hiram Walker finance director Fraser Thornton, who became chairman and managing director.

Two years after acquiring the company they purchased Deanston distillery in Perthshire, and in 1993 Tobermory was added to the portfolio. Bunnahabhain and the Black Bottle brand were bought from The Edrington Group in 2003.

The previous year, Trinidad-based venture capitalists CL Financial took over Burn Stewart for £50 million, but following difficult economic times it sold the company to Distell Group for £160 million in 2013.