The value of the deal for the distillery, which attracted well-known backers including the Slazenger family and tech investor Mike Peirce, was not disclosed, but it will lead to a significant injection of fresh capital and secure the company\u2019s future. Staff were informed on Thursday.<\/p>\n
Roger Duggan, CEO of Powerscourt Distillery, said the company had secured a strong and supportive new ownership structure, marking the beginning of an exciting new chapter for the business.<\/p>\n
\u201cWith the backing of Altiva, we are well-positioned to build on our exceptional brand reputation with our premium product, Fercullen Irish Whiskey, that is loved by our customers across the world. This gives us the opportunity to invest in that brand along with the visitor experience at our excellent facility in Wicklow.\u201d<\/p>\n
Altiva is set to make a \u201csubstantial capital investment\u201d into Powerscourt Distillery supporting its growth plans and stability. The investment will enhance the company\u2019s brand and visitor experiences along with opportunities in existing and emerging markets.<\/p>\n
Adam Morgan, Director of Altiva Management Inc, said the private investment firm saw \u201ctremendous potential\u201d in Powerscourt Distillery and was committed to supporting the team to grow over the coming years.<\/p>\n
\u201cOur focus will be on strengthening the market position of the business, growing its brand and investing in innovation to ensure sustainable success,\u201d he said.<\/p>\n
\u201cWe appreciate the craftsmanship and time it takes to produce quality whiskey such as Fercullen and are looking forward to supporting Powerscourt Distillery on the exciting journey ahead.\u201d<\/p>\n
The deal includes the sale of a large volume of bulk whiskey produced at Powerscourt Distillery, along with all brands and intellectual property, and the transfer of the leasehold interest in the operating distillery and visitor centre.<\/p>\n
The receiver, Mark Degnan, managing director of advisory firm Interpath, will now seek to sell the remaining bulk whiskey, including whiskey acquired from Cooley Distillery several years ago.<\/p>\n
Degnan was appointed receiver last June after Powerscourt Distillery suffered cashflow difficulties and trade disruption amid global tariff volatility.<\/p>\n
After Degnan’s appointment, Powerscourt Distillery remained open and continued to trade while he managed a restructuring process and initiated a competitive process to market the business.<\/p>\n
The process will conclude with the sale of Powerscourt Distillery’s business and assets to Altiva, with the deal expected to close in the coming weeks.<\/p>\n
Once completed, Powerscourt Distillery will continue to operate under the existing brand, which includes Fercullen Irish Whiskey. All current members of staff are expected to transfer to the buyer.<\/p>\n
Powerscourt Distillery, a 20,000 sq ft facility that began operations in 2018, has faced financial challenges.<\/p>\n
Financial issues surfaced last February when 2023 accounts showed a loan breach after a delayed \u20ac4.6m funding round.<\/p>\n
Months later, Degnan became receiver on behalf of lender PNC, owed \u20ac21.5m at the end of June.<\/p>\n
Minority shareholders tried to appoint an examiner in place of the receiver. However, this was withdrawn, and the company was returned to receivership. gg<\/p>\n","protected":false},"excerpt":{"rendered":"The value of the deal for the distillery, which attracted well-known backers including the Slazenger family and tech…\n","protected":false},"author":2,"featured_media":260212,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60,5913],"class_list":["post-260211","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-business","tag-ie","tag-ireland","tag-sean-pollock"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/260211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=260211"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/260211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/260212"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=260211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=260211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=260211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}