The Powercourt Distillery recently secured a funding of USD3.75 million for their plans to convert an old mill house into a distillery. This is expected to produce over a million bottles of Irish whiskey each year.
Interestingly, the investors come from diverse backgrounds, but seem to share a common interest—their love for whiskey. The co-founder of the distillery, Ashley Gardner, invested €380,000. He also happens to be a co-owner and director of a company that undertakes shop fit-outs, Dublin Display Centre. Gardner’s firm has, in addition, invested €95,000 in the distillery. Another investor, Gerry Ginty—the co-founder and director of the Powerscourt Distillery—entered the whiskey business after working over six years as a Project Management Consultant at Accenture.
It seems the whiskey distilleries attracted whiskey aficionados from the technology sector as well. Mentec’s Mike Peirce and his son Alexander have separately invested €750,000 and €375,000 respectively. The two will also be part of the distillery’s board of directors. Others include the Powerscourt estate property owners, the Slazenger family (€1.5m), and a shop fit-out firm’s director, Anthony Murphy (€185,000).
Located at the foothills of Wicklow Mountains, the picturesque estate—soon to be a distillery—has been planning to raise funds since 2015. Last year, it received planning permission to begin constructing this distillery. With additional funding, the efforts towards whiskey production is expected to accelerate. The distillery is aims to appoint about 18 full-time employees for this purpose.