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Killarney Brewing and Distilling Company to cease operations
Killarney Brewing and Distilling Company to cease operations

Irish Independent

time2 days ago

  • Business
  • Irish Independent

Killarney Brewing and Distilling Company to cease operations

An examiner appointed to the company will be making an application to the courts tomorrow regarding the future of the business. It is unclear if this will result in the company entering receivership, but it is understood the production of beer and whiskey at the company will end soon. Huge doubts about its viability had been raised in recent mo nths because of increased running costs, global trading uncertainty, and consequences arising from the pandemic. More than 50 people work at the company's two Co Kerry sites in Killarney and Fossa, and the company supplies drinks to many pubs and hotels in surrounding areas. James Anderson, a partner at Deloitte Ireland, was appointed as interim examiner to KBD in April when the company filed a petition with the High Court after a potential merger with a US partner fell through. Entering examinership was seen as the most viable path to secure its future. It gave the business protection from creditors and a 100-day window for an examiner to put together a rescue package. Ultimately these efforts have been unsuccessful. A spokesman for the examiner said it would not be appropriate to comment at this time. KBD, which has strong US links, started trading in 2015, opening a taproom in Killarney. It expanded in 2022, opening the brewery and visitors' centre in Fossa, on the outskirts of the town. This was funded with about €12m capital raised from investors in 2020. It was hoped the new plant would attract more than 100,000 visitors per year. However, the expansion coincided with the pandemic, and then higher costs for raw materials, supply chain disruption, delays opening the Fossa plant, and global economic uncertainty over tariffs. Last year the company launched a plan to raise up to €7m in funding, but Companies Registration Office filings this year showed it fell well short of this target, raising about €3.5m – mainly via 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 and up from €850,000 a year earlier. There is huge uncertainty in the Irish drinks sector due to the imposition of US tariffs on EU imported goods, currently standing at 10pc. Guinness brewers Diageo confirmed last month it has stopped distilling its Roe and Co whiskey. Jameson producer Irish Distillers announced in March that production at Midleton, Co Cork, would pause from April until the summer. Bushmills and Tullamore Dew also reduced production earlier this year. The tariff, in place since April, has made Irish whiskey less competitive against its American rivals on the US market. The threat of an even higher tariff – with Mr Trump suggesting a 30pc levy could be applied from August 1 – has contributed to the decision by up to 90pc of Irish whiskey makers to pause distilling for now.

Tariff fallout set to harm Irish growth this year even if EU strikes deal with Trump administration
Tariff fallout set to harm Irish growth this year even if EU strikes deal with Trump administration

Irish Independent

time06-07-2025

  • Business
  • Irish Independent

Tariff fallout set to harm Irish growth this year even if EU strikes deal with Trump administration

The EU has until Wednesday to clinch a crucial trade agreement with the US administration before tariffs on almost all exports to America surge to 50pc. Brussels appears willing to accept an outline agreement that includes a 10pc baseline levy, with lower rates for key sectors such as cars, chemicals and pharmaceuticals. Ireland would feel an economic aftershock even if such a deal is secured, according to Kate English, chief economist at Deloitte Ireland. I am not on the page that Ireland is about to crash She said the Irish economy was demonstrating resilience, with strong consumer spending, but believes growth will slow this year. The Department of Finance recently warned growth is expected to slow to 2pc if Trump's 10pc tariffs remain in place. 'There is no world in which there isn't a fallout from this and a reduction of growth,' English said. Despite this, she does not believe Ireland is about to experience a crash or a recession. Some businesses will feel more pain than others, especially those in low-margin sectors, such as the food industry. 'I am not on the page that Ireland is about to crash, or that a recession is coming,' she said. 'But, I definitely would believe growth will be slower than what we have been used to experiencing for the past few years.'¶She warned that extending the trade deal deadline would create more uncertainty, which had been damaging for investment decisions. 'Whatever comes from next week, if we get a deal, it provides some element of clarity or certainty to companies,' she said. 'At the moment, that uncertainty is causing the greatest amount of damage. People are pausing decisions by it. It is impacting sentiment. We know sentiment drives everything.' Since Trump's tariff announcement, the euro has rallied against the dollar and is up nearly 14pc since the beginning of the year. This means Irish products have already become more expensive for American buyers. ADVERTISEMENT Some of the noise is louder than what will actually be implemented Oliver Moloney, chief investment officer with wealth manager Fordel, said the euro's strength was acting like another tariff for Irish exporters. He has been heartened by the market's stability since the significant declines that accompanied Trump's tariff announcements. Markets have more than recovered from the initial shock in April and appear to be heading on a positive trajectory, barring any huge surprises. 'Whenever markets are calm, they are probably more liable to some bad news on the downside,' Moloney added. 'If Trump comes out in a day or two and says: 'We are not going to cut any deal with Europe, they are not negotiating,' that may well cause a bit of a shock downwards,' Moloney said. 'But it seems like since April, people have digested this trade tension and understood that some of the noise is louder than what will actually be implemented in reality. Markets do fall, but they take it in their stride Moloney said investors should not panic if there is not a deal and the markets fall by 10-20pc next week. Such problems can create opportunities. 'Anyone that still has cash that they are due to invest or in the middle of building out a portfolio, a 20pc fall is usually a good time to buy in,' he said. 'Take Covid or the rapid interest rate hikes — markets do fall, but they take it in their stride.' Pressure is mounting strike a deal with Washington, although fractures have emerged within the EU. Germany and Italy are leading a pack of countries eager to cut a quick deal, even if it means a baseline of 10pc tariffs. However, last Friday, France described this was a bad deal for Europe. Tánaiste Simon Harris has appeared to accept trade with the US will involve 10pc tariffs. US threatened Sefcovic with 17pc tariffs on agricultural exports He has not given up on a better deal, telling Edward Walsh, the new US ambassador, that the two countries should 'use every hour' to reach a zero-for-zero tariff settlement in as many areas as possible. What shape any deal looks like will have to wait a little longer. On Friday, Europe's chief negotiator, Maros Sefcovic, revealed he was returning to Brussels after failing to strike an agreement last week with his US counterparts. Talks are set to continue following what he called a 'productive week'. However, the Financial Times reported the US threatened Sefcovic with 17pc tariffs on agricultural exports. Trump also wants US companies to have wide-ranging exemptions from regulations to help cut America's trade surplus.

Insolvencies steady but companies face 'significant headwinds' for rest of the year
Insolvencies steady but companies face 'significant headwinds' for rest of the year

Irish Examiner

time02-07-2025

  • Business
  • Irish Examiner

Insolvencies steady but companies face 'significant headwinds' for rest of the year

Company insolvencies have declined slightly so far this year, but given the significant international trade tensions, businesses are facing 'significant headwinds to consider for the rest of the year'. According to Deloitte, so far this year there have been 407 insolvencies — down by 1% compared to the same period in 2024 — with the majority of these being seen in the services and hospitality sectors. There have been 173 insolvencies in the broad services sector, while there have been 66 in the hospitality sector. While the hospitality sector saw a 14% drop in insolvencies year-on-year, Deloitte said the sector continued to face a high level of insolvencies. The firm said hospitality had the highest number of insolvencies of any industry in this country when services are split into subsectors. 'Restaurants are disproportionately impacted within this sector, due to legacy debt issues, difficulty attracting and retaining staff, and energy in Ireland being the most expensive in Europe,' Deloitte said. Deloitte Ireland turnaround and restructuring partner James Anderson said while insolvency rates were 'broadly in line with 2024', given the 'ongoing geopolitical and trade tension, there are significant headwinds to consider for the rest of the year'. According to Mr Anderson, company-led closures are down so far this year, while company-led restructuring has increased. There were 14 Small Company Administrative Rescue Processes (Scarp) during the first half of this year — up from seven during the same period in 2024. The Scarp scheme was introduced in late 2021 to help small and micro firms which are still viable, yet insolvent, restructure their debts and avoid liquidation. However, uptake of the scheme remains low. 'Scarp has proven to be a successful process that saves companies and jobs. It is disappointing that awareness remains low despite a success rate of over 70%. It is crucial that an awareness campaign is invested in, so more people are aware of it,' Mr Anderson said. There have been 99 Scarp appointments since its introduction, which represents just 4% of all insolvencies in that time period. However, creditor-led enforcement activity has increased significantly across both court-appointed liquidations and corporate receiverships. 'Court-appointed liquidation activity arising from unresolved debts are up by 121%, with Revenue petitioning in 64% of these appointments,' he said. Deloitte said the rise in court liquidations could be attributed to companies being unable to meet phased payment agreements with Revenue as part of the covid debt warehousing programme. 'Corporate receiverships have increased by 37%, with significant activity by alternative lenders enforcing on real estate-backed loans which have defaulted or matured without resolution.' Read More Bar and pub sales drop 7% despite wider retail sales rise

Daniel Wiffen reveals drastic life change he's undertaking in order to maximise chances at LA Olympics
Daniel Wiffen reveals drastic life change he's undertaking in order to maximise chances at LA Olympics

The Irish Sun

time24-06-2025

  • Business
  • The Irish Sun

Daniel Wiffen reveals drastic life change he's undertaking in order to maximise chances at LA Olympics

DANIEL WIFFEN is moving home for the next step on his road to world domination — which will be taken with a new coach. 2 Deloitte Ireland yesterday announced a four-year partnership with Wiffen 2 Monday's announcement came on Global Olympics Day Credit: Alamy The 23-year-old Manley told him he needed the change now to achieve his goal of becoming a treble gold medal winner at the 2028 Los Angeles Olympics. Wiffen said: 'I am moving out of my house in Loughborough, so I'm definitely moving back to Ireland as my main training base. 'I will be doing stints in America. The Olympics are going to be there so you have to get ready for that way of life and time zone. Read More On Irish Sport 'Nathan is going to be there. You can only stay so far away from your twin you were born three minutes before so that's what I'm going to do. I'll be moving coach and it's going to be hard. 'I only decided four weeks ago that I was going to be leaving Loughborough. It was maybe two weeks ago when we had the conversation. 'We're really good friends and we chat all the time. He wants what's best for me. He's not a selfish coach and he's not going to tell me to stay just for his own benefit. 'He thinks it's beneficial for my career, that I need a new start because being in a university programme, you get 18-year-olds, 17-year-olds coming in every year who are a lot lower level than what I am at this point in my career. Most read in Other Sports 'You want to strive to be better than the people . . . you want to train with somebody better than you though it's hard to train with somebody better than an Olympic gold medallist. 'It's trying to progress in other areas. A university programme probably isn't the best place for me at this point in my career.' Full circle moment' - Jacqui Hurley emotional as RTE host prepares to represent Ireland on global stage Wiffen is unsure who will coach him but is happy to return to his Armagh base and work from there with support from Swim Ireland. But having won over fans last year when he declared he would win an Olympic gold medal in Paris and then achieved the feat, he has even loftier goals for LA 2028. He said: 'The end goal is three gold medals at LA. I'm just training away and refining the skills right now. 'And then at the start of July I'm leaving for Malaysia for our pre-camp before the World Championships in Singapore in August. 'I've been told a couple of times by different world champions that the hardest world championships to win is the one after winning the Olympics. 'I'm up for the challenge. Obviously my goal is to stay undefeated in the 800 metres. I haven't lost in the 800m freestyle since 2023. 'For me that's the goal — just to keep undefeated and win another gold medal and then hopefully add that 400m and try to challenge it a bit more, and then for the 1500m. 'It's to try and progress from that bronze medal and win the gold I won in Doha before. 'I would say we're aiming for three gold medals. The 400m is maybe a bit of a stretch because it's a new event, but definitely two.' DEALINGS WITH RUDD Wiffen also spoke on the subject of former Swim Ireland National Performance Director Jon Rudd, who was the subject of a BBC Panorama programme that None of the allegations were from Rudd's time in Ireland and Swim Ireland But Wiffen said he always enjoyed working with Swim Ireland while highlighting that he had few dealings with Rudd and no knowledge of the allegations. He said: 'I've only got good things to say about Swim Ireland and how they have supported me. Jon was not a performance director for me, he wasn't my coach. 'He just answered emails for me and was never on poolside coaching. So I would have no idea.'

One in five Irish CFOs expect revenues to fall
One in five Irish CFOs expect revenues to fall

Irish Examiner

time11-06-2025

  • Business
  • Irish Examiner

One in five Irish CFOs expect revenues to fall

Optimism levels among Ireland's CFOs have weakened significantly over the past year. Deloitte's latest CFO survey reports just 28% of Irish respondents say they are more optimistic about their company's financial prospects than three months ago. That figure is down from 60% in spring 2024, and only a modest recovery from the 19% recorded in autumn 2024. Based on responses from 1,542 chief financial officers across 14 European countries, the survey also reports 60% of CFOs now report operating in a high-uncertainty environment, up from 53% in spring 2024. The Netherlands, Portugal and Ireland have the highest number of CFOs saying they are less optimistic, while Germany had the highest number of CFOs feeling more optimistic (45%). In Ireland, one in five CFOs (22%) expect their revenue to fall, while 45% say they expect to see their revenue increasing over the next 12 months, slightly lower than the European average of 52%. Tom Hynes, Deloitte Ireland partner, says finance leaders are now facing a markedly more volatile global landscape: 'Geopolitics is clearly weighing on CFO sentiment. The changes to global trading structures now mean there is enhanced geopolitical shifts, and the vast majority of CFOs in Ireland now expect tariffs and global tensions to directly affect their operations," he said.

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