Lough Gill Distillery secures €15 million debt financing from Pittsburgh-based PNC Bank
Lough Gill Distillery has just agreed new debt financing with PNC Bank for €15million. This is mainly to ramp up production and the laying down of Athrú whiskey to mature for periods of up to 17 years. The contracts were signed on Friday afternoon in Dublin. It is interesting on a number of fronts: Firstly, given the backdrop of a loss of competition in banking options particularly for SMEs, it is great to see an international lender of some scale prepared to lend to an Irish SME in helping it increase production and investment. Secondly, the amount is significant and it will allow Lough Gill increase product by 600,000 litres of alcohol per year. And thirdly, Lough Gill has just launched an innovated on-line investment offer for whiskey lovers called the Athrú Cask Reserve, with a number of options including investing in casks of mature 16/17 year old whiskeys which can be bottled now or left to develop further favour, and perhaps value over the years to come.
- New long term debt finance will fund increased single malt whiskey production at the Lough Gill Distillery, Co. Sligo
- Innovative online Athrú Cask Reserve launched with unique single cask bottlings and a selection of entire casks available
The press release is as follows:
Lough Gill Distillery, the makers of Athrú single malt whiskey (pronounced ‘Ah-roo’), is pleased to announce that is has secured a €15 million debt financing facility from PNC Bank – a top-five lender to retail and business customers in the United States.
This long term debt financing will be used fund the production of an additional 600,000 litres of pure alcohol each year at the Lough Gill Distillery in Co. Sligo. The facility has been specifically 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 also announces the launch of the Athrú Cask Reserve, an innovative online offering of whiskey in its purest form at cask strength. The distillery is committing to reinvest a portion of these sales in rejuvenating the estate surrounding the distillery and sustainability projects.
The Cask Reserve provides an opportunity to lay down your own personal supply of single malt to be enjoyed responsibly in the future (€8,500 – €12,000 for an entire cask). For those who can’t wait to take their first sip, 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.
Commenting, Lough Gill Distillery founder, David Raethorne (pictured above), said:
“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.”
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