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Its name is an Anglicised spelling of Glè Mhath, which means 'very good' in Scottish Gaelic. In contrast, Glayvas own website states: "“Glayva” translates in Gaelic to “very good” – the words spoken by Morrison’s warehouseman upon tasting the liquid."
Glayva has been made since 1947, according to their website.
Legend has it that when Bonnie Prince Charlie was served this whisky based liqueur one night, he looked at his host, held up the glass and spoke in The Gaelic "Gle mhath!" thus giving the drink the name it carries to this day.
See also 
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