31 May 2021 | 08.00 am
Lough Gill Distillery Lines Up Debt Finance
David Raethorne taps PNC Bank for €15m
31 May 2021 | 08.00 am
Lough Gill Distillery, the makers of Athrú single malt whiskey, has secured a €15m debt financing facility from US lender PNC Bank.
The company says the the finance will be used fund the production of an additional 600,000 litres of pure alcohol each year at the distillery in Co. Sligo.
LGD says that the loan facility has been designed to support the cash flow profile of a scaling whiskey distillery and is not due to be repaid until after the liquid has fully matured into single malt whiskey.
Lough Gill Distillery recently launched Athrú Cask Reserve, billed as opportunity for individuals to lay down you’re their personal supply of single malt (€8,500 – €12,000 for an entire cask).
Athrú has also released a select few individual casks as single cask bottlings (€95 to €195), and has an entire cask of 16 year old finished in a rare Hungarian Tokaji sweet wine cask for €48,000.
Details of the Athrú Cask Reserve and current pricing are available at www.athru.com/casks.
Lough Gill Distillery founder David Raethorne (pictured) commented: “We’re delighted to have secured this new long term funding facility for Lough Gill Distillery from PNC Bank. Securing funding from a highly respected international lender really is a validation of the renaissance of the Irish whiskey industry in recent times.
“We can now take our time over producing Athrú single malt and lay it down to be enjoyed in many years’ time when it is ready and has matured into the finest Irish single malt whiskey.
“We’re also excited to open the doors to the innovative Athrú Cask Reserve offering access to unique single cask bottlings as well as the opportunity to become a part of our story by laying down your own personal supply of Athrú single malt.”
Lough Gill Distillery was advised by HNH in Edinburgh (debt advice) and Dublin law firm William Fry.
The distillery was founded in 2014 after the uncovering of a vast warehouse complex, concealed by a forgotten 300 year old Palladian house in Hazelwood forest, Co. Sligo.
The buildings have been repurposed into a world class distillery which was commissioned in 2019. Uniquely in Ireland, the distillery has onsite bonded warehousing for up to 15 years production, enabling whiskey maturation and cask finishing to take place surrounded by the same local microclimate.