Powerscourt Distillery calls in receiver
Powerscourt Distillery has become the latest Irish whiskey producer to appoint a receiver as it faces financial difficulties.
The producer of Fercullen whiskey confirmed on its website that it had appointed Mark Degnan of Interpath Advisory as its receiver on 26 June.
The distillery will remain open to the public and continue to process online retail sales, it noted in the statement.
The appointment of a receiver is typically used to manage or take control of a company’s assets, usually when a company defaults on its financial agreements.
In April last year, Powerscourt confirmed it was “continuously examining options to secure additional growth capital” to boost its production capabilities, enhance brand development and support market expansion. The statement was made in response to a report that it was exploring a sale of the business.
In 2023, Powerscourt Distillery secured a €25 million (US$27.4m) loan from PNC Business Credit to drive forward its global growth plans.
Several distilleries have faced challenges such as oversupply and surging costs in the past year, prompting temporary closures and the appointment of receivers.
In April this year, Ireland-based Killarney Brewing & Distilling Company hired an interim examiner to safeguard the business after experiencing a whiskey supply glut and surging costs.
Last year, Mark Reynier’s Irish whiskey distillery Waterford also appointed Interpath’s Degnan and Daryll McKenna as its receivers to “secure the future of the business”.
The Spirits Business has approached Interpath Advisory for comment. Powerscourt did not provide a statement, and instead requested enquiries to be sent to Interpath.
The Powerscourt Distillery and visitor centre opened to the public in 2019, following the build of a €10m (US$11.8m) distillery at the Powerscourt Estate in Enniskerry.
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