Multimillion euro investment on the way for Dublin’s Liberties Distillery Company
Stock Spirits Group will invest €18.3m in the Dublin Liberties Distillery Company in return for a 25pc equity interest in Quintessential Brands Irish Whiskey (QBIW).
QBIW owns both the Dublin Liberties Distillery Company and the Dubliner Irish Whiskey brand.
The investment, from the owner and producer of premium branded spirits and liqueurs that are sold in central and eastern Europe, comprises an initial €15m cash, plus a further deferred cash consideration over a five-year period for the 25pc equity interest.
As part of the total €28m investment, a €10m banking facility has been completed with Wells Fargo Bank.
QBIW will use the investment primarily to complete the construction and fit out of the Dublin Liberties Distillery in Dublin 8, as well as to accelerate advertising and promotional investment in the brands underpinned by significant investment in stock maturation.
The QBIW senior executive management team will continue to lead the Dublin Liberties Distillery Company. It will be chaired by Quintessential Brands group co-founder Warren Scott.
Mr Scott confirmed that the Dublin Liberties Distillery is scheduled to be completed in the Summer of 2018 and would be a "significant tourist attraction" to complement the considerable development and investment under way in the Liberties area of Dublin.
Commenting on the announcement, Mr Scott said that he was "delighted" to be working with Stock Spirits,
"With the completion of the Dublin Liberties Distillery we will create a home for the brands and an exciting new visitor experience in the heart of Dublin," he said.
The range of products in the Dublin Liberties and the Dubliner Irish Whiskey portfolios currently sell in more than 30 countries with sales in excess of 32,000 cases (9L) in the 12 months to March 2017.