Waterford was founded in 2015 by industry veteran Mark Reynier, owner of Renegade rum in Grenada and the man behind the revival of Islay’s Bruichladdich distillery in the early 2000s.
Receivers were appointed this week which means if a new buyer does not come in for the brand soon, its assets including the distillery will likely be sold off.
“It’s tragic news,” Reynier told The Irish Times on Wednesday. “Anything I’m going to say isn’t going to be adequate to describe my feelings right now. 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.”
Reports suggest that Waterford accounted sales of €3m in 2022, down from €3.3m the previous year. The drop in revenue is said to be based on its choice of distribution partner in the US, yet its accounts also showed the company had accumulated losses of €7.7m, and just over €40m in whiskey stocks.
The Waterford distillery was based in an old Guinness brewery and Reynier set out to create terroir-led whiskey, mimicking the wine industry through barley.
Waterford is currently ranked number 44 in The World’s Most Admired Whiskies.
