This week our Irish Whiskey News features articles on Glendalough Distillery investors to share in €12 million sale and Pat Rigney becomes chair of Drinks Ireland|Spirits.
So let’s see what’s happening this week in our Irish whiskey news.
A group of local investors in the Glendalough Distillery in Co Wicklow are set to share in a windfall of about €12 million from the sale of the remaining 60 per cent of the whiskey and gin maker to Mark Anthony Brands International, a Canadian-owned alcoholic beverage group. While financial details of the sale deal have not been revealed, industry sources said the deal values the Glendalough business at more than €20 million. This transaction gives Mark Anthony full control of the business, having acquired a 40 per cent stake in 2016.
The main beneficiaries of the sale will be Glendalough directors Barry Gallagher and Brian Fagan who own just under 20 per cent between them. Former Irish rugby captain Brian O’Driscoll, who owns 2.72 per cent of the company, is in line to receive more than €326,000 for his stake in the Irish spirits group.
Pat Rigney, the managing director and founder of “The Shed Distillery” in Co Leitrim, has been appointed Chair of Drinks Ireland|Spirits who are the representative body responsible for promoting the interests of the Irish spirits industry. Mr Rigney, who was previously vice-chair of the representative body, will take over from Aoife Clarke, who is senior director of International Public Affairs at Beam Suntory.
Pat Rigney said that Ireland’s spirits industry continues to go from strength to strength, with the value of spirits exports from Ireland increasing by 10.2% between 2017 and 2018, from €916m to over €1 billion. “We also have a dynamic domestic spirits market, driven by the growing popularity of premium spirits products like Irish whiskey and gin,” he added. He said the organisation wants to continue to drive this growth, but he cautioned that there are a number of imminent issues ahead, including tariffs and Brexit.
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