Teeling Whiskey Company, the Smithfield whiskey distillery and visitor centre started by Jack Teeling and Stephen Teeling, made an operating profit of €3m in 2015 as turnover increased from €6.9m to €24.6m.

The net profit of €2.7m was €1m more than the 2014 net surplus of €1.7m.

Filed accounts disclose that the company sold bulk whiskey valued at €13.3m to Great Northern Distillery, where Jack and Stephen’s father, John Teeling, is one of the principals. The two sons each own 13% of the equity in GND.

Great Northern Distillery is John Teeling’s post-Cooley whiskey venture, based on the site of the former Harp Lager brewery in Dundalk. Two distilleries on the site have the capacity to produce 50 million bottles of whiskey a year.

Year-end liabilities at Teeling Whiskey Company Ltd amounted to €14m, down from €26m the year before. Bank debt was reduced from €15.9m to €5.6m from the proceeds of the whiskey sale to GND.

Capital investment was €4m, on top of the €4.7m investment made in 2014. Whiskey stocks reduced from €22.7m to €9.1m at year-end.

As well as Jack and Stephen, Katharine Teeling is also a director. The three directors shared €210,000 in salaries and a €25,000 bonus. Employment at the company increased through 2015 from 15 to 24 people.

The Teeling Whiskey Distillery started operation in 2015 as the first new distillery in Dublin for over 125 years and has taken in over 100,000 visitors since opening in June 2015. The company says that Teeling Whiskey is now exported to over 40 different export markets. Through 2015, overseas sales increased by 74%. Sales in Europe were worth €4.8m while Rest of World sales amounted to €4.6m.

Photo: Jack Teeling (left) and Stepehen Teeling