Quintessential Brands has today announced a major investment in the Dublin Liberties Distillery Company including new banking facilities.
It has agreed an €18.3 million investment by Stock Spirits Group PLC in return for a 25% equity interest in Quintessential Brands Irish Whiskey Limited (“QBIW”).
QBIW owns The Dublin Liberties and The Dubliner Irish Whiskey brands and last year announced the construction of a new state-of-the-art whiskey distillery and visitor experience in the Liberties area of Dublin. As part of the total €28 million investment in QBIW, a new comprehensive €10 million banking facility has been completed with Wells Fargo Bank.
The Dubliner Irish Whiskey was recently confirmed as the fastest growing Irish whiskey globally. The range of products in The Dublin Liberties and The Dubliner Irish Whiskey portfolios currently sell in more than 30 countries with sales in excess of 32,000 cases (9L) in the 12 months to March 2017.
Quintessential Brands acquired the Dublin Liberties Distillery in 2016 and has over the past 12 months developed designs for a unique distillery and visitors’ experience in the heart of Dublin. Construction on the Dublin Liberties Distillery started in January 2017 and it is due to open in 2018.
Stock Spirits Group is a leading owner and producer of premium branded spirits and liqueurs that are principally sold in Central and Eastern Europe. The investment by Stock Spirits comprises an initial €15 million cash plus a further deferred cash consideration over a five-year period for the 25% equity interest.
QBIW will use the investment primarily to complete the construction and fit out of the Dublin Liberties Distillery on Mill Street in Dublin 8, as well as to accelerate advertising and promotional investment in the brands underpinned by significant investment in stock maturation.
The Dublin Liberties Distillery is scheduled to be completed in the Summer of 2018 and will employ up to 15 people when fully operational with 40 people involved in its design and construction.
Commenting on the announcement, Quintessential Brands Group, Warren Scott said, “This investment and partnership with Stock Spirits comes at the beginning of a very exciting next phase in the development for our Irish whiskies. We are a brand-led business and both The Dublin Liberties and The Dubliner Irish Whiskey have developed great traction in more than 30 markets with significant potential for further growth and range expansion in the coming years."
He added, "We are delighted to be working with Stock Spirits and with the completion of the Dublin Liberties Distillery we will create a home for the brands and an exciting new visitor experience in the heart of Dublin."