Irish distillery Waterford has entered receivership. The company had been working with financial advisors to explore funding options for the business, but after no solution was found Waterford requested HSBC appoint receivers.

 

Joint receivers Mark Degnan and Daryll McKenna from Interpath, financial advisory firm, were appointed on 27 November 2024.

 

Distillation and retail sales have been suspended, but all 29 staff have been retained by the joint receivers — Interpath said staff would be retained “at least until the New Year” while a formal consultation process runs.

 

Waterford Distillery was founded by Mark Reynier in 2015, after he had departed Bruichladdich — the Islay distillery he revived in 2000. Waterford’s approach to whisky centres around the idea of terroir; that where the barley used is grown affects the flavour of the final product. 

 

“Yes, I’m afraid it is true,” Reynier wrote on X (formerly Twitter) on 27 November, after the news had broken. He added: “I guess, though little comfort right now:  ‘better to have tried and failed — than never to have tried at all.’”

 

In a statement shared via Interpath, Reynier said: “It has been a difficult decision to mothball our processes and seek the appointment of receivers to assist the Company stakeholders, but I’m committed to working with the receivers to find a solution that can secure the future of the business and distilling in Waterford. I would like to thank the hard work and dedication of all our staff over the past number of years.” 

 

In an interview with Whisky Magazine, Reynier shared some of the reasons behind Waterford's financial difficulties: “We borrowed to distil more than we needed, a strategic reserve, if you will — insurance against future crises. What I didn’t foresee was a global pandemic, a cost-of-living crisis fuelled by war, and soaring interest rates.”

 

However, in the same interview, Reynier said the "fight isn't over". 

 

"Waterford will rise again," he said. "I’ll see to that.”