Member Article

Whiskey entrepreneurs’ dream of creating ‘world’s most profound single malt’ given £5m funding boost

The London-headquartered company behind the Waterford Distillery in Ireland has taken another leap forward in its journey to create the ‘world’s most profound single malt’ after it has received £5m in funding from BGF to ramp up production at the site.

Renegade Spirits is looking to grow a world-renowned whiskey brand on Ireland’s south-eastern coast, modelled on a successful venture its founders embarked upon on Islay off Scotland’s west coast where they transformed the disused Bruichladdich Distillery before selling it on for £58m.

Founded in 2014 by Mark Reynier, Sir John Mactaggart and John Adams, Renegade acquired the former Guinness brewery in Waterford, which the business set about redeveloping into a new state-of-the-art whiskey distillery.

Its team of distillers have set about creating ‘the world’s most profound single malt’ through the combination of locally sourced Irish barley and spring water from ancient wells, all aged in French and American oak barrels.

A key part of its technique is the sourcing of barley from 46 different Irish farmers from 19 distinct soil types which are all distilled separately, giving each cask its own distinct terroir, whiskey buff talk for the distinct character microclimate and soil give each cask.

BGF’s funding, in conjunction with a €14.4m facility provided by Ulster Bank, will help support phase 2 of the distillery’s expansion, as it looks to distil 1m litres of whiskey a year at the site.

Coming off the back of BGF’s funding, Mark Reynier of Renegade commented: “We have known about BGF and their ability to provide long-term capital to growing teams for some time. We considered working with them on Bruichladdich.

“Their patient, minority investment approach fits well with our own growth plans and we are looking forward to working with the team. With over 110 distilleries, the Scotch whisky market is 10 times the size of the Irish market.

“The market is clearly attractive for a new, high quality brand with a clear proposition. We are hugely excited by what we are doing at Waterford Distillery and for the prospects ahead.”

Andy Gregory, Regional Director at BGF added: “We have long admired the track record of Mark and the other founders of Renegade Spirits and were keen to back this credible and ambitious team. They have proven success with the Bruichladdich Distillery on Islay and are taking that experience and ambition with them to Waterford.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →