Powerscourt Distillery, the Irish whiskey maker behind the Fercullen vary, has entered receivership and is now underneath court docket safety by means of examinership because it seeks to stabilize its funds and entice new funding.
On June 26, Interpath Advisory was appointed as receiver of the County Wicklow-based distillery. 4 days later, the corporate petitioned Eire’s Excessive Court docket for the appointment of an interim examiner, naming Joseph Walsh of JW Accountants.
The transfer goals to permit Powerscourt to restructure underneath the safety of examinership legal guidelines in Eire, that are designed to assist viable firms navigate monetary misery.
The distillery confirmed the event on its web site, stating: “Powerscourt Distillery is at the moment in examination underneath Half 10 of the Corporations Act 2014.”
The court docket paperwork revealed that Powerscourt owes €21.5 million to PNC Financial institution, which offered the enterprise with a €25 million mortgage in 2023 to fund its world progress technique. Turnover between January and Might 2025 was reported at slightly below €295,000 by The Spirits Enterprise.
Regardless of its monetary difficulties, Powerscourt is continuous to function its customer middle and host deliberate occasions, together with weddings. An affidavit filed by director and COO Gerard Ginty acknowledged that the “market worth of the corporate’s property is in extra of its liabilities to a major diploma,” and claimed there’s “an inexpensive prospect of survival,” supported by latest investor curiosity.
Based in 2016, Powerscourt Distillery opened its €10 million facility on the Powerscourt Property in 2019. It produces a variety of award-winning whiskeys underneath the Fercullen label, together with Fercullen Falls Small Batch and Fercullen 15 Yr Outdated.
The listening to is scheduled for July 10.
This improvement follows a broader downturn within the Irish whiskey sector, marked by the high-profile receivership of Waterford Distillery in November 2024, a sign of the business’s present challenges.
Learn the total article at Powerscourt Distillery Seeks Examiner Appointment Amid Monetary Struggles
