Renegade’s Waterford Distillery Ltd has raised a €14.4m facility from the Ulster Bank to developing a major whiskey project in Ireland. It also secured a £5 million (€5.78 million) investment from the UK-based firm Business Growth Fund (BGF).
The funding will be used for the continued development and production of a single malt whiskey at Renegade’s Waterford distillery in Ireland.
Eddie Cullen, Ulster Bank’s Managing Director of Commercial Banking, said: "We’re delighted to support Renegade’s Waterford Distillery Ltd. with this €14.4 million credit facility. Whiskey production is a unique industry and our team has extensive sectoral experience so we have been more than happy to provide expert, meaningful help.
"Ulster Bank increased lending to business customers by 19% in 2016 and we are committed to continuing this support for businesses in Ireland in 2017. Renegade’s Waterford Distillery Ltd. is passionate about whiskey and that passion is reflected in their landmark project, so Ulster Bank is proud to help them fulfil their ambitions and grow their business." Cullen added.
Renegade was founded in 2014 by Mark Reynier, John Mactaggart and John Adams and following the purchase of a former Guinness brewery in Waterford together they converted it into a whiskey distillery.
Mark Reynier of Renegade added: “It helps that Ulster bank’s parent RBS has extensive understanding of the whisky industry. Distilling is an expensive and long-term game at the best of times and we have a unique, highly focused and uncompromising approach. This facility, together with BGF’s investment, allows us to grow our maturing stocks at our scheduled rate of 1 million litres a year."
Renegade Spirits Ireland is a UK-based company that owns 100% of Renegade’s Waterford Distillery Ltd.
© 2017 - Checkout Magazine by Donna Ahern