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Waterford Distillery Enters Receivership
Waterford Distillery, founded by industry maverick Mark Reynier, has closed and entered receivership following an emergency board meeting earlier this week. The move follows several weeks of attempting to bring fresh capital into the business, according to The Irish Times. Retail sales through the distillery’s web site have been shut down.
HSBC Bank appointed receivers to take control of the distillery, and staff members were notified of the move Wednesday morning. The receivers will likely try to sell the distillery as an ongoing business or sell off its assets, including its casks of maturing whisky.
“It’s tragic news,” Reynier told the Irish Times. “Anything I’m going to say isn’t going to be adequate to describe my feelings right now. It’s been a great effort from the whole Waterford team. They’ve given great dedication, done a great job. I’m sorry I’ve let them down.”
I guess, though little comfort right now: ‘better to have tried and failed – than never to have tried at all.’
— Mark Reynier (@markreynier) November 27, 2024
Our Waterford team have been superb – I’m sorry to have let them down.
After selling Bruichladdich to Remy Cointreau in 2012, Reynier and his partners acquired the former Guinness brewery in Waterford in 2015 and converted it into a distillery aimed at exploring the differences in terroir among different farms. The distillery contracted with local farmers to grow barley specifically for Waterford, and distilled each farm’s crop separately. Waterford was the first Irish distillery to explore biodynamic farming, in which farmers operate according to lunar cycles.
According to Reynier, the receivership does not extend to Waterford’s parent company, Maverick Drinks. However, the company’s Renegade Rum distillery in Grenada has also been closed.
This story will be updated with additional information as it becomes available.
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