Whisky Focus - Waterford Distillery Receives €20m Funding From UK Banks

Waterford Distillery Receives €20m Funding From UK Banks


26th April 2017
Mark Reynier of Irish company Renegade Spirits secures €20m funding from Ulster Bank for whisky production at their Waterford distillery.

Mark Reynier of Irish company Renegade Spirits secures €20m funding from Ulster Bank for whisky production at their Waterford distillery.

Mark Reynier, who I am sure you will recall as the man who brought the abandoned Bruichladdich distillery on Islay back to life then sold the distillery on to Remy Cointreau for a staggering £58m has been busying himself once again, this time in the Irish whiskey business.

Mark didn't stay out of the whisky business, or I should say "whiskey" business for long, in 2014, Mark, along with partners John Mactaggart and John Adams founded Irish company Renegade Spirits and proceeded to convert an old Guinness factory into a distillery, to be more precise Waterford Distillery.

It is an expensive business starting a distillery and it takes a long time and a lot of investment in production before any profits are made so Irish company Renegade Spirits approached Northern Irish bank, Ulster Bank and has received €20m of funding to support production of single malt whiskey at its Waterford distillery.

The distillery received €14.4m credit facility from Ulster Bank and a €5.78m investment form UK firm Business Growth Fund.

Eddie Cullen, Ulster Bank’s managing director of commercial banking, said: "We’re delighted to support Renegade’s Waterford Distillery Ltd. with this €14.4 million credit facility.

"Whiskey production is a unique industry and our team has extensive sectoral experience so we have been more than happy to provide expert, meaningful help."

Mark Reynier of Renegade added: "It helps that Ulster bank’s parent Royal Bank of Scotland has extensive understanding of the whiskey industry.

"Distilling is an expensive and long-term game at the best of times and we have a unique, highly focused and uncompromising approach.

"This facility, together with BGF’s investment, allows us to grow our maturing stocks at our scheduled rate of one million litres a year."

Waterford will produce an Irish single malt whisky, while you wait for it maturing you will find a excellent range of Irish whiskey available from specialist online whisky retailers such as Master of Malt
 

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