Galway farmer wins bid to challenge CPO to construct cycleway across his land
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Irish Examiner
2 days ago
- Irish Examiner
Tapped out: What went wrong for Killarney Brewing and Distilling?
ONCE considered one of Ireland's most ambitious independent drinks ventures, the Killarney Brewing and Distilling Company confirmed it would cease operations this week following the unsuccessful conclusion of its examinership process. The business, which was appointed a liquidator this week, had diversified over time to offer craft brewing and whiskey production, as well as hospitality and tourism offerings. The brewery had been trading since 2015, after garnering strong interest from Irish-American investors to create something new and sellable to the US market. But a challenging few years, underpinned by the pandemic and significant overspends, led to a pile-up of debts that could not be paid, ultimately resulting in the collapse of the multimillion-euro enterprise. Among the list of creditors mentioned in court filings are individual investors and local small businesses, with amounts owed ranging from €147 to over €823,000, the effects of which will be felt from Killarney to across the Atlantic in Illinois. The Killarney Brewery began its story in August 2013, when it was founded by Paul Sheehan, Tim O'Donoghue, and Liam Healy, who set out to develop a craft brewery and restaurant in Killarney. The three founders all had deep ties to the US, with Mr Sheehan and Mr O'Donoghue having both lived and worked in Chicago for more than a decade, while Mr Healy resided there full time. The trio set out to raise funds in the US for the ambitious project. They ultimately raised €1.2m, which was used to renovate the property they had leased on Muckross Rd in Killarney. The company commenced trading in 2015 and, just three years later, had already begun formulating an expansion plan to create a larger brewery, distillery, and visitor experience. To achieve this, the company purchased a site spanning over four acres at Killalee in Fossa. It then set about raising additional funds using its network of US investors. The successful funding round saw the group raise more than €12m, commencing construction in 2019. A further €6m was raised throughout 2020 and 2021 through EII schemes, an Irish tax relief scheme for investors who fund qualifying Irish SMEs. In addition, the company also anticipated preselling 1,000 casks of whiskey that it said would have yielded up to €7m. While it secured ample funding from a diversified pool of investors, the construction phase was heavily disrupted by the pandemic. Related costs soared by 36%. This was compounded by the company's limited trading ability due to lockdown restrictions. The total overspend on construction rose to €8m, impacting the company's profitability and cashflow, High Court documents show. This led to the business having a limited ability to promote and sell the intended presale of 1,000 casks, which added to its cashflow challenges. To offset pandemic overspends, the group borrowed some €4.4m from a number of sources in late 2022. Killarney Brewing & Distillery Company, Fossa, Killarney. Picture: Don MacMonagle The new Fossa facility eventually opened around the same time, with the distillery commencing operations around 12 months later in late 2023. Around this time, the group went back to the market to raise a 'Series C' €7m in additional capital to repay debts, launch and market its whiskey product in the US, and provide working capital to secure future profitability. The group also anticipated raising a further €4m through the EII scheme. THE 'Series C' funding round proved to be more challenging than anticipated, with just €3.5m being raised. Complications also arose with investments through the EII scheme, which the company said were a result of changes to the government scheme in 2024. At the end of last year, the company's cumulative trading losses had grown to almost €2m, according to High Court documents. The company also had liabilities in excess of assets of €3.27m at the end of last year, which made it balance sheet insolvent. Between 2020 and 2024, it incurred cumulative trading losses of €3.35m. It was also cashflow insolvent and not in a position to discharge related outstanding loans. The group entered discussions with potential investors in 2024, which were unsuccessful. In January of this year, the group attempted to strike a deal with a US-based private equity investor group. This would have potentially seen an injection of up to €15m in the company. However, rapid changes in the global trade climate and a rising threat of tariffs led to one of the parties involved dropping out of the process in early April, causing the group to ultimately withdraw its investment intent in the immediate short term. On April 17, an interim examiner was appointed to the company. At that time, the business had dozens of creditors and owed more than €8m. Included in the list of creditors of the brewing company were Kerry County Council, which was owed an outstanding amount of just over €108,000, and the Revenue Commissioners, who were owed €143,400. But the repercussions extend far beyond just government bodies, with High Court filings of creditors showing the sizeable human cost felt by the brewery's financial challenges. It also had an outstanding loan with Bailmo Limited, which held an all-assets debenture of the company, totalling almost €2.9m at the end of March this year. On Tuesday, the Killarney Brewing and Distilling Company the unsuccessful conclusion of its examinership process. The High Court appointing James Anderson, of Deloitte, as a liquidator over the company. More than 50 jobs will be lost as a result. In its last public statement, the company said: 'Like many in the drinks manufacturing industry, KBD has faced significant and sustained challenges in recent years, stemming from the lasting effects of the pandemic, delays in opening our state-of-the-art distillery in Fossa, global supply chain disruptions, rising input costs, and ongoing geopolitical and trading pressures. 'More recently, high tariffs on Irish whiskey exports to the US and wider economic uncertainty have further impacted the business. The company would like to express its sincere and heartfelt thanks to our exceptional employees, whose dedication, resilience, and passion never wavered throughout this incredibly difficult time. 'We are also deeply grateful to our shareholders and wider investment community for their support and belief in our vision, and to our loyal customers, partners, and the local community in Killarney who have stood by us at every turn. 'We remain proud of what we've built together and the craft, care, and creativity that defined our journey.' Read More Killarney brewing company collapse: covid cost overruns and whiskey tariffs blamed
Irish Times
2 days ago
- Irish Times
Planning ruling on Dublin Airport ramps sends wrong message
The planning authorities have their hands full with Dublin Airport . Between passenger caps and night flights, they have enough to be getting on with, but added to the mix is a Dublin Airport Authority (DAA) plan to knock down the now unused spiral ramps for cars next to Terminal 1. On Wednesday An Coimisiún Pleanála turned down DAA's appeal to demolish the ramps . Doing so 'would diminish the visual amenity on approach to T1 and expose the crude architectural detailing of the existing structures to the rear of the spirals, including the prominent architectural elements of the energy centre screened by the spiral car park ramps and as such would erode the character of the area', the commission said. Please. READ MORE This is not an application to demolish something like a block of Georgian buildings in the city centre. The character of the area around Terminal 1 has changed dramatically since it was built in 1972. What character it has now is that of a hotchpotch of buildings and walkways built at different times in an effort to keep a rapidly expanding airport fit for purpose. It has little resemblance to what was a beautiful, and not always full, building in the 1970s and 1980s. [ Planners just cannot win at Dublin Airport Opens in new window ] The reality is the airport is a key part of the State's infrastructure. It is bursting at the seams as it is, and has to always be in position to evolve to match the changing demands of air travel. This is a much different issue to the likes of the 32 million passenger cap. The cap has been in place since 2007. It was only in the last 18 months or so that it has become an issue, with DAA and airlines railing against a rule in place for almost two decades. An Coimisiún Pleanála sends a very clear message to any owner or manager of a large development in Ireland with this ruling: don't build anything interesting. Don't seek a memorable design or anything that might be architecturally notable. Build something as boring and generic as possible. Think Hawkins House more than Terminal 1. It might be the only way you will be allowed replace it when it has reached the end of its functional lifespan in a few decades.
Irish Examiner
3 days ago
- Irish Examiner
Plans for 280 apartments on campus of former Bessborough mother and baby home refused
A proposal for 280 apartments on part of the former Bessborough mother and baby home campus in Cork has been shot down. An Coimisiún Pleanála, formerly An Bord Pleanála, gave two key reasons, linked to concerns about housing mix and its design, for rejecting Estuary View's The Meadows scheme – one of two large residential schemes proposed by the company on separate sites it owns at Bessborough. The buy-to-sell Meadows scheme was earmarked for a landbank on the eastern side of the site, and included four buildings ranging in height from one to 10 storeys. It was submitted to the former Bord Pleanála in 2021 under the since-discontinued strategic housing development (SHD) process. It also proposed a new pedestrian and cycle way bridge connection with the Blackrock to Passage West greenway, which flanks the site's eastern boundary. The zoning in the area permits residential, but it is an area designated as high landscape value. However, in its ruling An Coimisiún Pleanála said the mix of units did not meet the target levels set out in the city development plan. It also said no "statement of housing mix" was submitted, and therefore no justification had been provided in relation to the proposed mix of units. Secondly, it said it considered its 'excessive and sustained scale, bulk and mass in combination with height, and the consequent plot ratio" would be visually obtrusive from several viewpoints within and adjoining the site. Burial ground The commission also noted a third recommended reason for refusal from its inspector – the presence of a potential burial ground immediately in front of the folly – which was among the reasons for its decision to refuse permission for a previous SHD application and another housing proposal on Bessborough. But it said it believes the Meadows site, could, subject to careful forensic monitoring of ground works, be more amenable to residential development, and it decided not to include this as a reason for refusal. Labour Cllr Peter Horgan said: "Given that this entire site is fraught with emotion and history, we need to put an end to the constant retrenching of concern that is brought whenever an application is provided here." Estuary View declined to comment.
