Irish whiskey maker receives €20m from UK firms

24 April, 2017

Irish company Renegade Spirits has received €20m of funding from UK banks 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.”

Renegade was founded in 2014 by Mark Reynier, John Mactaggart and John Adams who converted an old Guinness factory into a distillery.

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.”

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