Biodynamic Irish whiskey distillery targets global growth with £40m HSBC funding

Waterford Distillery Group, a premium whiskey distillery specialising in cultivating organically grown barley using biodynamic farming, has received €45m (approx. £39.8m) funding from HSBC UK to support its growth and export strategy.

The funding will assist Waterford’s future growth by supporting the company’s expansion into a premium UK supermarket and exporting strategy through new international sales. Waterford’s whiskey is currently available in 32 countries and the company is embarking on future growth by targeting the USA as a key market.

Working with HSBC Ireland ISB, HSBC UK provided €45m financing to Waterford through a bespoke Cross Border Asset Based Lending (ABL) Facility to support the company’s growth, leveraged against the company’s premium maturing casks of whiskey.

Through HSBC UK’s financing, Waterford will be able to invest further into laying down more premium whiskey to mature. Founded in 2015 by Mark Reynier, formerly the co-owner of Bruichladdich, Waterford Distillery creates premier whiskey in a converted Guinness brewery.

HSBC UK was the bank of choice for the distillery, particularly because of the bank’s “expertise” in cross border trade, the whiskey sector and the bank’s long-term relationship with the management team, who prior to incorporating Waterford, were the owners of Bruichladdich Distillery, which banked with HSBC UK until it was sold.

The company has sustainable practices at its heart and focuses on growing and harvesting local barley, whilst working with a host of local farms to create Single Farm Origin single malt whiskeys. Waterford has also produced the first Irish whiskey that has been certified as organic by the Organic Trust, as part of their sustainability strategy.

Grant Bett, relationship director at HSBC UK commented: “We are delighted to refinance Waterford Distillery and support its ambitious plans to expand internationally, as part of its growth strategy. For over ten years, HSBC UK has built a strong relationship and track record working with Waterford’s Management team on several successful ventures.

“Waterford are a fantastic example of an innovative whiskey distiller using local providence and sustainable practices to bring their award-winning brand to the global market.”

Mark Reynier, CEO of Waterford Distillery Group, added: It is a pleasure to be back with Grant and HSBC UK, with whom we have worked before on previous ventures.

“Waterford is natural single malt whiskey, barley-forward and terroir-driven flavours. Now, together with this HSBC UK facility and the outstanding stocks of maturing whiskey, we can bring Waterford to a wider global market.”

By Matthew Neville – Senior Correspondent, Bdaily

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