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Waterford Distillery appoints receivers to save business
Mark Reynier has confirmed his Irish whiskey distillery Waterford has called in receivers to “secure the future of the business”.
Mark Reynier founded the distillery in 2015 after converting a former Guinness brewery in Waterford. The Irish producer works with local farms to create single-farm-origin single malt whiskeys.
A a result of ‘financial pressures in recent months’, Waterford had been working with financial advisors to explore turnaround options for the business, but a viable solution had not been found.
Interpath Advisory confirmed that Mark Degnan and Daryll McKenna were appointed as receivers for Waterford by HSBC. Distillation at the site had been stopped prior to this move.
Interpath Advisory said all 29 workers at Waterford will retain their roles until at least the New Year as the receivers start a formal consultation process and prepare to power down the distillery over the festive period.
Reynier took to social media to confirm the move, writing on Instagram: “Yes, I’m afraid it’s true.”
On X (formerly Twitter), he wrote: “I guess, though little comfort right now: ‘better to have tried and failed – than never to have tried at all.’ Our Waterford team have been superb – I’m sorry to have let them down.”
In a statement, he 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.”
Waterford Distillery had secured a €45 million (US$47.8m) funding package from HSBC UK in March 2023 to help the business expand internationally and lay down more whiskey.
The Irish producer received €45m financing through a Cross Border Asset Based Lending (ABL) Facility, leveraged against the company’s maturing casks of whiskey.
Reynier had previously worked with HSBC during his time at Islay distillery Bruichladdich where he was the former CEO until it was sold to Rémy Cointreau.
Available in 32 countries, Waterford had its sights set on the US as a target market.
HSBC refused to provide a statement.
Reynier is also the founder of Grenada’s Renegade Rum Distillery.
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