Powerscourt Distillery in Co Wicklow, which had been in receivership, has been sold to US investors.
The 20,000 square foot whiskey distillery and visitor centre is located in the Old Mill House on the Powerscourt Estate near Enniskerry.
It began distilling in 2018 and released a range of both sourced and self-distilled whiskeys under the Fercullen Whiskey brand, selling in multiple markets across Europe, North America, Asia and Africa.
A receiver was appointed to the business in June of last year, after it “suffered cashflow difficulties and a disruption to trade amidst global tariff volatility.”
The company had remained open and continued to trade during the receivership process.
It was announced today that the receiver has entered an agreement for the sale of part of its assets to Altiva Management for an undisclosed sum.
The deal, which is expected to be completed in the coming weeks, includes the sale of a large volume of bulk whiskey which was produced in the distillery along with all brands.
The transaction also includes intellectual property and a transfer of the leasehold interest in the operating distillery and visitor centre.
The receiver will seek to sell the remaining bulk whiskey, which includes whiskey acquired from Cooley Distillery a number of years ago.
Once the sale is completed, the business will continue to operate under the existing brand and all current members of staff are expected to transfer to the buyer.
Staff and management were informed of the development at a meeting yesterday.
The chief executive of Powerscourt Distillery described it as “a great day” for the distillery having secured “a strong and supportive new ownership structure.”
Roger Duggan said it marks “the beginning of an exciting new chapter for our business.”
The director of Altiva Management said they see “tremendous potential” in Powerscourt Distillery and he said they are “committed to supporting its talented team as they look to grow and thrive over the coming years.”
Adam Morgan said Altiva’s focus will be on “strengthening the market position of the business, growing its brand and investing in innovation to ensure sustainable success.”
Receiver Mark Degnan, the Managing Director at Interpath, said the significant capital injection from Altiva will build on the strong fundamentals of the business.
“It is also a great vote of confidence from an international investor in this indigenous industry and a fantastic Irish brand,” he added.
