Irish Relief: Major Distillery saved From the Brink

Irish whiskey lovers can breathe a sigh of relief. It looked like Powerscourt Distillery was destined for the history books, but the distillery has been officially saved. Just over six months after announcing bankruptcy proceedings, Powerscourt Distillery is out of the woods.

Powerscourt Distillery revealed around half a year ago that it had entered bankruptcy proceedings. The distillery was in financial trouble and seemed likely to shut its doors for good.

Thankfully, a new investor has stepped in and averted that outcome. The distillery will remain operational, and all jobs have been preserved.

Altiva Management, an investment firm, is now the new owner of Powerscourt Distillery. The distillery behind Fercullen Irish Whiskey has been acquired for an undisclosed sum. The deal isn’t fully completed yet, but will be finalized in the coming weeks.

Altiva has acquired a large portion of the maturing casks, all brands and brand rights, as well as the leasehold for both the distillery and the visitor centre.

The remaining stock of casks that Altiva did not purchase will be sold by the liquidator. This includes several casks from the former Cooley Distillery.

Roger Duggan, CEO of Powerscourt Distillery, reacted enthusiastically to the news, calling the acquisition a turning point for the company:

Altiva didn’t purchase the distillery on a whim, but with a clear plan. Adam Morgan, Director at Altiva Management, underlined their confidence in the distillery’s future. The company aims to turn Powerscourt Distillery into a more internationally recognized name. But before that, investment will first go into the visitor centre.

Afterwards, they’ll shift focus to international markets and expansion plans. Exactly which countries are targeted has yet to be determined.