This week our Irish Whiskey Weekly News features articles on an eager investor who has €10 million to invest in Irish whiskey, Dublin Distillery Company distiller pours ice cold water on new distillery ventures and Dead Rabbit NYC in fire disaster.
So let’s see what’s been happening this week in our Irish whiskey weekly news.
Fearghal Ó Ríordáin is detailing the hardcore market research he did for his latest venture. For years before founding Ilen River Partners, a new fund to support whiskey distillery developments, the Cork-born former venture capitalist toured distilleries in Scotland and Ireland, getting to know the sector in depth.
“I spent a lot of time in Scotland looking at this,” says a smiling Ó Ríordáin, gesturing at a map of more than 100 Scotch distilleries in a way that implies he got to know some of them quite well. “I’ve spoken to everybody in the industry and I’ve got a little [whiskey] collection at home. I have become a bit of a whiskey bore.”
Dublin’s newest whiskey distillery head distiller, says the market is in danger of becoming saturated, predicting that half of the new ventures in the growing drinks category won’t survive the next decade. The value of Irish whiskey exports was roughly €600 million last year and there are plans to more than double that figure by 2030. This has led to a spike in the number of distilleries setting up shop here, from just four in 2014 to 18 today. It’s expected that more than 30 will be operational by 2020.
However, Darryl McNally, master distiller and general manager at Dublin Liberties Distillery, says not every distillery will be successful. “I know there are plans to have about 30 distilleries in Ireland in the next few years, but I don’t think they all will survive,” he tells Fora.
“There has to be a very clear route to market to succeed in this industry, so I think there are some entrepreneurs who are not (experienced) in the drinks business and are going to struggle.”
In a statement posted on the bar’s social media pages, The Dead Rabbit said: “This morning a fire was reported on our block. We’re still getting details, but The Dead Rabbit received considerable fire and water damage and as a result, will be closed until further notice. Fortunately, no one has been hurt. “Thank you for your support and understanding at this very difficult time. We’ll let you know more here as soon as we find out.”
The Dead Rabbit was founded in 2012 by Jack McGarry and Sean Muldoon, and was crowned World’s Best Bar in the 2015 Spirited Awards at Tales of the Cocktail. In January this year, The Dead Rabbit announced plans to expand the bar to almost twice its current size after signing a 17-year lease with the building next door.
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The Whiskey Experts – Irish Whiskey Weekly News © 2018