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Mark Reynier
of Irish company Renegade Spirits
secures €20m funding from Ulster Bank
for whisky production at their Waterford
distillery.
Mark Reynier, who I am sure you will
recall as the man who brought the
abandoned Bruichladdich distillery on
Islay back to life then sold the
distillery on to Remy Cointreau for a
staggering £58m has been busying himself
once again, this time in the Irish
whiskey business.
Mark didn't stay out of the whisky
business, or I should say "whiskey"
business for long, in 2014, Mark, along
with partners John Mactaggart and John
Adams founded Irish company Renegade
Spirits and proceeded to convert an old
Guinness factory into a distillery, to
be more precise Waterford Distillery.
It is an expensive business starting a
distillery and it takes a long time and
a lot of investment in production before
any profits are made so Irish company
Renegade Spirits approached Northern
Irish bank, Ulster Bank and has received
€20m of funding to support production of
single malt whiskey at its Waterford
distillery.
The distillery received €14.4m credit
facility from Ulster Bank and a €5.78m
investment form UK firm Business Growth
Fund.
Eddie Cullen, Ulster Bank’s managing
director of commercial banking, said:
"We’re delighted to support Renegade’s
Waterford Distillery Ltd. with this
€14.4 million credit facility.
"Whiskey production is a unique industry
and our team has extensive sectoral
experience so we have been more than
happy to provide expert, meaningful
help."
Mark Reynier of Renegade added: "It
helps that Ulster bank’s parent Royal
Bank of Scotland has extensive
understanding of the whiskey industry.
"Distilling is an expensive and
long-term game at the best of times and
we have a unique, highly focused and
uncompromising approach.
"This facility, together with BGF’s
investment, allows us to grow our
maturing stocks at our scheduled rate of
one million litres a year."
Waterford will produce an Irish single
malt whisky, while you wait for it
maturing you will find a excellent range
of Irish whiskey available from
specialist online whisky retailers such
as
Master of
Malt
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