Mark Degnan and Daryll McKenna from financial advisory firm Interpath were appointed as Joint Receivers to Spirit of Waterford Distillery Limited (the ‘Company’) on 27 November 2024.
Established in 2014, with the distillery redeveloped through 2015 and distillation commencing on 8 December 2015, the Company trades as award-winning whisky brand Waterford Whisky, and distils using its ‘terroir methodology’ from its site on Grattan Quay, Waterford.
Due to financial pressures in recent months the Company has been working with financial advisors to explore turnaround options for the business, however, a viable solution could not be implemented. The Joint Receivers were appointed by HSBC Invoice Finance (UK) Limited at the invitation of the Directors of the Company. Distillation on site had ceased prior to the invitation to appoint receivers.
All 29 staff have been retained until at the least the New Year by the Joint Receivers as they start a formal consultation process and prepare to power down the distillery over the festive period.
Mark Reynier, Founder and CEO of Waterford Whisky, said: “I’m incredibly proud of what we have achieved at the Waterford distillery, the brand we’ve built over the recent, difficult years. The people that have helped us on the way, the farmers, maltsters, distillers and warehousemen - and everyone in between - I thank you. Irish agriculture produces the best barley in the world, of that I have no doubt - you can taste it. It has been a difficult decision to mothball our processes and seek the appointment of receivers to assist the Company stakeholders, but I’m committed to working with the receivers to find a solution that can secure the future of the business and distilling in Waterford. I would like to thank the hard work and dedication of all our staff over the past number of years.”
