Ireland’s Waterford Whiskey Closed, In Receivership

By Richard Thomas

Although it was just two months ago that Waterford Distillery featured in a series of articles in the mainstream and drinks press about its mission to prove that grain terroir is a whiskey thing and touting its new biodynamic single malt, today it was announced in The Irish Times that the distillery had closed and been put into receivership. Or, as the American press might put it, Waterford has gone bankrupt and turned off the lights. This follows weeks of negotiations with HSBC bank on a turnaround plan for the distillery.

Waterford was the creation of Mark Reynier, a wine trader who got into the distilled spirits business. Prior to Waterford, Reynier was best known for leading the purchase of the Bruichladdich Distillery on the famous Scottish island of Islay. Under his direction, Bruichladdich forged a new identity based around select barley. Since grain-forward whiskies should be younger, this made a virtue of necessity, since Bruichladdich had been shuttered for years and had a sizable gap in its inventory of aged whiskies. Just a few years after the sale of Bruichladdich in 2012, Reynier acquired a newly built, but also recently closed Guinness brewery in Waterford, and work began converting the brewery into a distillery. Reynier pursued the same grain-driven model at Waterford that he created for Bruichladdich.

Reports indicate that Waterford had suffered a 10% drop in sales in 2023, with losses of €7.7 million on the books, and €40.1 million worth of whiskey in stock. In January 2023, Waterford made a new credit agreement with HSBC, but what transpired between then and now leading to receivership is unknown.

This news follows on the August 2024 announcement that Mackmyra Distillery, the trailblazer of Swedish whiskymaking and one of the best established distillers in 21st Century World Whisky, was also bankrupt. Mackmyra, however, was saved in October when the distillery was acquired by former board member Lennart Hero and investment firm No.1 Capital AB.

“It’s tragic news,” Mr Reynier said today. “It’s been a great effort from the whole Waterford team. They’ve given great dedication, done a great job. I’m sorry I’ve let them down.”