Latest news with #Fercullen
Irish Times
30-06-2025
- Business
- Irish Times
Glass half empty for whiskey industry
Irish whiskey started the year with more distilleries than anyone could put a number to, but following the impact of tariffs it might be the lost distilleries that are uncountable. The industry collectively raised a glass to two more distilleries which received bad news over the weekend. Powerscourt Distillery announced that it has entered receivership, with Interpath Advisory being appointed at the end of last week – the same firm as was appointed to Waterford Distillery in November 2024. The Wicklow-based company behind the Fercullen whiskey label, is one of many brands whose stills went cold this year, initially with plans to restart production in June. But that was not to be. READ MORE [ Is Irish whiskey on the rocks? Opens in new window ] As of September 2024, the company stood in breach of its agreement with lenders PNC Bank – with which it agreed a €25 million debt deal in June 2023 – and its accounts noted it was dependent on the lender's support and a round of fundraising of €4.6 million by the end of March 2025. Amid turbulent market conditions caused by US import tariffs, the brand was unable to secure the necessary funding. However, the fact that the process has already begun is understood to be positive for the business and the prospect of new investors. The business was struggling with working capital constraints but is thought to be viable long-term. In the Liberties, it emerged that Diageo-owned distillery Roe & Co put an 'extended pause on distillation'. In a statement to The Irish Times, a Diageo spokeswoman said the decision was made 'in order to optimise resources and support the sustainable future growth of our business'. IATA Director General Willie Walsh on airline profits, air fares and why the Dublin Airport passenger cap makes Ireland a laughing stock Listen | 35:56 It is understood that five employees due to be affected by Diageo's decision are in consultation with the company to be redeployed across the company where possible. Where does that leave the Irish whiskey industry? There has been a lot of talk of industry resilience and riding out turbulent market conditions, but fundamentally, it seems that the glass-half-full view around the country is not well received by some of its lenders.
Yahoo
30-06-2025
- Business
- Yahoo
Powerscourt Distillery appoints receivers
Irish whiskey maker Powerscourt Distillery has called in the receivers. In a brief statement posted on the Powerscourt Distillery website, the company said it had appointed Interpath Advisory on Thursday (26 June). 'The distillery remains open for business to the public and all online retail sales will be honoured and dispatched in the normal course,' the statement read. The business directed 'enquiries regarding the company or regarding outstanding claims' to Interpath. Just Drinks has approached Interpath MD Mark Degnan for comment. Powerscourt Distillery, based in Enniskerry, a town south of Dublin, was set up in 2016. It sells single malt and blended Irish whiskey under the Fercullen brand. According to The Sunday Times, the decision to appoint Interpath was made by UK lender PNC Bank, which had been working with the distiller on a restructuring process. The publication said Interpath would seek new investment in the business, which breached loan covenants earlier this year, it said. In an interview with Just Drinks two years ago this week, Powerscourt Distillery said it was looking to double its production capacity as the company sets its sights on expansion in the US. The distiller, which was producing 350,000 litres of pure alcohol a year, said at the time it had obtained a €25m (then $27m) asset-based loan from secured against its stock. In November last year, Interpath was also appointed to handle the receivership of Irish whiskey business Waterford Distillery. Earlier this month, UK-based alternative milks brand Mighty Drinks appointed Interpath administrators for the business after facing recent 'headwinds'. Mighty Drinks produces a range of pea protein and oat milk products which are sold across the country in major retailers such as Sainsbury's, Asda and Tesco. "Powerscourt Distillery appoints receivers" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
30-06-2025
- Business
- Yahoo
Powerscourt Distillery appoints receivers
Irish whiskey maker Powerscourt Distillery has called in the receivers. In a brief statement posted on the Powerscourt Distillery website, the company said it had appointed Interpath Advisory on Thursday (26 June). 'The distillery remains open for business to the public and all online retail sales will be honoured and dispatched in the normal course,' the statement read. The business directed 'enquiries regarding the company or regarding outstanding claims' to Interpath. Just Drinks has approached Interpath MD Mark Degnan for comment. Powerscourt Distillery, based in Enniskerry, a town south of Dublin, was set up in 2016. It sells single malt and blended Irish whiskey under the Fercullen brand. According to The Sunday Times, the decision to appoint Interpath was made by UK lender PNC Bank, which had been working with the distiller on a restructuring process. The publication said Interpath would seek new investment in the business, which breached loan covenants earlier this year, it said. In an interview with Just Drinks two years ago this week, Powerscourt Distillery said it was looking to double its production capacity as the company sets its sights on expansion in the US. The distiller, which was producing 350,000 litres of pure alcohol a year, said at the time it had obtained a €25m (then $27m) asset-based loan from secured against its stock. In November last year, Interpath was also appointed to handle the receivership of Irish whiskey business Waterford Distillery. Earlier this month, UK-based alternative milks brand Mighty Drinks appointed Interpath administrators for the business after facing recent 'headwinds'. Mighty Drinks produces a range of pea protein and oat milk products which are sold across the country in major retailers such as Sainsbury's, Asda and Tesco. "Powerscourt Distillery appoints receivers" was originally created and published by Just Drinks, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
