Waterford Whisky distillery goes into receivership

Workers at the Waterford Whisky distillery on Grattan Quay were notified that Interpath Advisory had been appointed as receivers. 

The receivers have been appointed following weeks of negotiations between the company and HSBC, the main lenders to the firm, The Irish Times has reported. The company was attempting to put in place a turnaround plan for the business.

After an emergency board meeting this week, HSBC was invited to appoint receivers over the company and has taken control of the business. It is expected that Interpath Advisory will attempt to find a new buyer for the company or to sell stock and assets to recoup the loaned money.

The news has caused great shock in Waterford, with locals expressing surprise and concern for the employees of the business. 

"Yes, I’m afraid it is true," Waterford Whisky founder Mark Reynier said in a statement, "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 The Irish Times, Reynier said, "It's tragic news. 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."

Founded by Mark Reynier on the idea that "terroir-derived flavours from individual Irish farms" would give the whiskey a unique taste, each being developed into a different single malt whisky based on the "building blocks of natural flavour".

The company generated €3 million in sales in 2022, down from €3.3 million the year prior. Accounts for the most recent financial years have not been filed yet.