Irish whiskey maker Waterford Distillery has appointed receivers for the business.
A statement on the company’s website today (28 November) viewed by Just Drinks said financial advisory firm Interpath has picked Mark Degnan and Daryl McKenna as joint receivers.
Go deeper with GlobalData
“As of now, all retail sales have been temporarily suspended”, the notice said.
Just Drinks has asked Interpath for further comment on the news. The publication was unable to reach Waterford CEO Mark Reynier, nor the company’s team at the time of writing.
Reports from The Irish Times newspaper suggest that Interpath been working with the company and lenders to raise new cash or develop an alternative solution.
After this failing to be a success, the company is said to have invited HSBC bank to appoint receivers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataEmployees were informed of the decision, according to the publication.
The appointed receivers are expected to consider searching for a buyer as well as the sale of the distillery or certain assets.
CEO Reynier founded Waterford Distillery in 2015, after he acquired a brewery from Diageo in County Waterford, south east Ireland.
In a social media post on X yesterday (28 November), Reynier said: “Yes, I’m afraid it’s true.”
He added in a separate post, “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.”
Speaking to Just Drinks in May, Reynier spoke about having experienced a “pretty difficult period”, with high interest rates, and tall costs for barley and energy.
He also said that 2023 had been “a difficult year. It had been difficult for us , particularly reorganising our distribution post-Covid.”
Waterford’s main markets is the US, which it saw as posing opportunity for the business due to “movements for slow food and getting back to regenerative farming… growing, particularly there”. The business also sells to the UK and Europe, and has a small presence in Japan.
