Eire’s Killarney Brewing & Distilling Firm (KBD) has entered liquidation after failing to safe funding.
The distillery filed a petition searching for examinership in Eire’s Excessive Court docket on 16 April, with James Anderson of Deloitte appointed as its examiner.
Nonetheless, following the conclusion of the three-month examinership, which grants courtroom safety for a restricted time, KBD was unable to discover a new investor.
As such, Anderson was appointed by Eire’s Excessive Court docket as KBD’s liquidator.
“Unprecedented challenges” through the Covid-19 pandemic and its fallout – together with surging prices and disruptions to the availability chain – had positioned “vital stress” on the enterprise, an announcement from the corporate had mentioned after getting into examinership to guard its future.
All 54 staff employed by the corporate have been made redundant.
US tariff disruption
A press release from the corporate learn: “Sadly, regardless of the very best efforts of all concerned, the method didn’t lead to a profitable funding end result.
“Like many within the drinks manufacturing trade, KBD has confronted vital and sustained challenges in recent times, stemming from the lasting results of the Covid-19 pandemic, delays in opening our state-of-the-art distillery in Fossa, world provide chain disruptions, rising enter prices, and ongoing geopolitical and buying and selling pressures. Extra not too long ago, excessive tariffs on Irish whiskey exports to the US and wider financial uncertainty have additional impacted the enterprise.
“Earlier this yr, the corporate had reached a preliminary settlement to merge with a US-based strategic accomplice, however the accomplice finally selected to not proceed. In response, KBD entered the examinership course of within the hope of securing new funding to guard jobs and stabilise operations for the long run. Regardless of tireless efforts, no appropriate investor was secured inside the timeframe set out by the courtroom.
“The corporate want to categorical its honest and heartfelt because of our distinctive staff, whose dedication, resilience, and fervour by no means wavered all through this extremely troublesome time.
“We’re additionally deeply grateful to our shareholders and wider funding group for his or her assist and perception in our imaginative and prescient, and to our loyal prospects, companions, and the area people in Killarney who’ve stood by us at each flip.
“We stay pleased with what we’ve constructed collectively and the craft, care, and creativity that outlined our journey.”
A spokesperson for Anderson added: “Our precedence now could be to work with all stakeholders to deal with their pursuits and claims.”
KBD makes a blended Irish whiskey, in addition to a variety of beers and a gin. Its inaugural whiskey, produced on the website, was initially attributable to launch in 2028.
The corporate has a separate taproom within the city of Killarney, opened in 2015, and a brewery, distillery and customer centre in Fossa, close to Killarney, which opened in 2022.
Powerscourt Distillery is one other fellow Irish whisky battling to remain afloat – the corporate filed for examinership on 30 June.
Irish whiskey makers Roe & Co, Tullamore Dew and Dublin Liberties Distillery have additionally put a pause on manufacturing this yr.
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