Gov. Beshear: Bespoken Spirits Celebrates Grand Opening of New Corporate Headquarters in Lexington, $3.2 Million Project Creating 16 Jobs

Distilled spirits distributor relocated headquarters from San Francisco

FRANKFORT, Ky. (March 27, 2024) - Today, Gov. Andy Beshear highlighted an exciting new announcement within the state's signature bourbon and spirits industry as he congratulated Bespoken Spirits on the grand opening of their newly relocated corporate headquarters and manufacturing operation in Lexington, a $3.2 million investment creating 16 quality Kentucky jobs paying an average hourly wage of $70.77 including benefits.

"Adding a company like Bespoken Spirits to the commonwealth is a welcome addition to the state's booming signature bourbon industry," said Gov. Beshear. "Whenever a company chooses to relocate their headquarters and manufacturing operation to Kentucky, it is an incredible opportunity for not just our state, but for the individuals and communities who will benefit with well-paying, quality jobs. I want to congratulate Bespoken and their leadership for today's exciting grand opening event, and I look forward to their future success here in the commonwealth."

The relocation of Bespoken Spirits' headquarters and manufacturing operations from San Francisco includes building improvements, equipment, start-up costs and other related expenses. The new location will allow Bespoken to boost its presence in the supply chain to include distillation, completing the characterization and recipe catalog from grain to glass.

"We are thrilled to move our headquarters into the heart of Kentucky's bourbon country with the opening of Bespoken's new distillery in Lexington," said Bespoken Spirits CEO Peter Iglesias. "We're excited to introduce our unique method of whiskey making to the rich heritage of distilling that Kentucky is renowned for and grateful for the outpouring of support from the local community and government."

Bespoken Spirits is a privately owned modern spirits company founded in 2018. The company blends technology and tradition to take craft spirits to new heights. The process unlocks nearly unlimited flavor combinations, while reducing environmental impact. Bespoken has received 198 medals in spirits competitions. The company has built a rich library of spirit characterizations and recipes for spirit rectifying to produce a target spirit, thus the name Bespoken.

Lexington Mayor Linda Gorton noted the fit between Bespoken and the community: "I was happy to be involved in recruiting Bespoken Spirits to Lexington. Bespoken Spirits is a perfect fit for Lexington. Agriculture technology companies are attracted to our city because of its quality of life, highly educated workforce and deep roots in agriculture. By integrating technology into the art of bourbon aging, Bespoken Spirits is now ushering in a new era of craftsmanship here in bourbon country. Welcome, Bespoken Spirits!"

Commerce Lexington President and CEO Bob Quick welcomes the company and looks forward to the tourists it will attract to Lexington and the surrounding areas: "The Greater Lexington region prides itself on unique experiences for both visitors and residents, and the relocation of Bespoken Spirits from California to Lexington's Greyline Station will provide another quality tourist attraction. We are honored that the company's executives chose our city and region for its new headquarters and manufacturing operation. I would like to congratulate Bespoken on its success and welcome their team to our community."

Bespoken Spirits' investment and job creation build on the best four-year period for economic growth in state history.

Since the beginning of his administration, Gov. Beshear has announced more than 1,000 private-sector new-location and expansion projects totaling over $30.3 billion in announced investments, creating more than 52,000 jobs. This is the highest investment figure secured during the tenure of any governor in the commonwealth's history.

The robust job creation has been accompanied by rising wages across the commonwealth. The average incentivized hourly wage in 2022 and 2023 topped $26 in consecutive years for the first time.

Gov. Beshear has announced some of the largest economic development projects in state history, which have solidified Kentucky as the electric vehicle battery production capital of the United States: Ford Motor Co. and SK On's transformative $5.8 billion, 5,000-job BlueOval SK Battery Park in Hardin County; AESC's $2 billion, 2,000-job gigafactory project in Warren County; Toyota's $1.3 billion investment in Scott County; and INFAC North America's $53 million investment in Taylor County, among others.

The Governor's administration also secured the largest General Fund budget surplus and Rainy Day Fund, as well as the most jobs filled in state history. Last year, Kentucky set the record for the longest period with the lowest unemployment rates in state history.

Kentucky also secured rating increases from major credit rating agencies Fitch Ratings and S&P Global Ratings, and Moody's Investors Service upgraded Kentucky's credit outlook from stable to positive.

This month, Site Selection magazine ranked Kentucky third nationally and first in the South Central economic development projects per capita in its 2023 Governor's Cup rankings. Previously, Site Selection placed Kentucky first in the South Central region and top 5 nationally in its 2023 Prosperity Cup ranking, which recognizes state-level economic development agencies for their success in landing capital investment projects.

Gov. Beshear announced a "Supply Kentucky" initiative with the goal of boosting job growth, reducing costs and providing more security in the supply chains of our Kentucky companies.

To encourage investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in August 2023 preliminarily approved an incentive agreement with the company under the Kentucky Business Investment program.

By meeting its annual targets over the agreement term, the company can be eligible to keep a portion of the new tax revenue it generates. The company may claim eligible incentives against its income tax liability and/or wage assessments.

In addition, Bespoken can receive resources from Kentucky's workforce service providers. Those include no-cost recruitment and job placement services, reduced-cost customized training and job-training incentives.

For more information on Bespoken Spirits, visit BespokenSpirits.com.

A detailed community profile for Fayette County can be viewed here.

Information on Kentucky's economic development efforts and programs is available at CED.ky.gov. Fans of the Cabinet for Economic Development can also join the discussion at facebook.com/CEDkygov, on Twitter @CEDkygov, Instagram @CEDkygov and LinkedIn.

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