Killarney Brewing confirms liquidator is now in place and trading ceased
James Anderson, a partner at Deloitte Ireland who was appointed as interim examiner to KBD in April, will now act as liquidator and sell the remaining assets.
His appointment following nomination by the company was confirmed by the High Court on Monday despite an attempt last Friday by the Revenue Commissioners to appoint Myles Kirby of Kirby Healy Chartered Accountants instead.
Revenue are owed more than €1m and the largest unsecured creditor in the liquidation.
KBD confirmed it is now in liquidation.
"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,' they said.
More than 50 people worked at the company's two Co Kerry sites in Killarney and Fossa, and the company supplied drinks to many pubs and hotels in surrounding areas.
Mr Anderson was appointed as examiner in April after a potential merger with a US partner fell through but that process failed to chart a long-term rescue.
KBD launched in 2015, opening a taproom in Killarney. It expanded in 2022, opening a brewery and visitors' centre in Fossa, on the outskirts of the town funded with about €12m raised from investors including many in the US.
Last year the company launched a plan to raise up to €7m. Companies Registration Office filings this year showed it fell well short of this target, raising about €3.5m – again mainly from US-based investors.
KBD's most recently filed accounts show the business recorded losses of €1.6m in 2022, and €513,000 in 2021. This was despite sales doubling in 2022, hitting €2m, up from €850,000 a year earlier.
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