Ahascragh Distillery seeking to raise €1.5m in share sale

Group has invited the public to invest in the distillery ahead of its opening next year

Michelle and Gareth McAllister, founder and managing director of the distillery. Photograph: Ahascragh Distillery

Michelle and Gareth McAllister, founder and managing director of the distillery. Photograph: Ahascragh Distillery

 

Ahascragh Distillery in Co Galway is seeking to raise at least €1.5 million in a share sale in the coming weeks.

The group said the transformation of the old Ahascragh Mills into a “world class distillery and visitor experience” was moving forward at pace, and was now seeking to bring new investors on board.

The old corn mill was acquired in 2019, and planning permission for the works was secured in October 2020. Structural and enabling works were completed in June of this year, and the distillery is on target to commence production late next year.

Gareth McAllister, founder and managing director of the distillery, said shares would be open to the wider public with a minimum investment of €115. Investments of over €1,000 would be eligible for the Employment and Investment Incentive Scheme (EIIS).

EIIS is a State-backed initiative first introduced in 2011 that allows small investors to claim relief on investments in early-stage companies.

Ahascragh Distillery raised €3.3 million in its first round of funding, and said there has been “strong initial demand” from private investors, some of whom have invested in casks with Ahascragh Spirit.

A series of webinars for potential investors have already commenced, with “good interest” from domestic and international investors.

Rewards

The group said the investment round included rewards and benefits that range from “personal gifts to special experiences”. The campaign will go live on November 19th.

“We are privileged to have wonderful investors already on board, and we want to continue to grow the family,” said Mr McAllister.

“This is an attractive opportunity for investors across Ireland, and the world, to buy into the business and own a piece of whiskey history in the west of Ireland. Whiskey is now seen as a good asset class for investors.

“We are going one step further by inviting investors to get in at the ground floor and own a share in a new distillery.”

Irish whiskey sales have grown 140 per cent in the last 10 years, with 11.4 million cases sold in 2020, down just 0.4 per cent on the previous year.