Teelings ditch distillery equity sale and toast €5m investment
The Teelings have successfully raised €5m for the Great Northern Distillery in Dundalk via the employment and investment incentive tax relief scheme (EIIS).
Veteran entrepreneur John Teeling said that a further €7.5m could be raised by the drinks venture through the EIIS over the next two years.
A maximum of €15m can be raised under an EIIS, and €2.5m had previously been raised by Great Northern Distillery under the scheme.
He told the Irish Independent that the company had decided not to sell a 20pc stake in the business to a major drinks supplier as the distillery now had sufficient orders to enable it not to do so. The previously planned sale of that stake would have valued the company at €25m.
About 32 staff are already producing whiskey at the distillery, which was previously the Harp brewery.
At current rates, the distillery will have produced about 6m litres by 2018, with plans at the moment that half of that would be retained by the company, and the other half reserved for customers who will then package it as own-label whiskey.
Mr Teeling said that among the brand names being considered for the Great Northern Distillery's own whiskey is Burke's. At the beginning of the last century, Burke's was a well-known player in the Irish spirits and beer scene.