Co. Galway's Ahascragh Distillery Seeking To Raise At Least €1.5m In A Share Sale
Co. Galway's Ahascragh Distillery is seeking to raise at least €1.5 million in a share sale in the coming weeks.
As reported by The Irish Times, the group said that the transformation of the old Ahascragh Mills into a "world class distillery and visitor experience" is moving forward at pace, and is now seeking to bring new investors on board.
The old corn mill was reportedly acquired in 2019, and planning permission for the works was reportedly secured in October of last year. Structural and enabling works were reportedly completed in June of this year, and the distillery is reportedly on target to commence production in late 2022.
Founder And Managing Director Statement
The distillery's founder and managing director, Gareth McAllister, reportedly said that shares will be open to the wider public with a minimum investment of €115.
Employment And Investment Incentive Scheme
Investments of more than €1,000 will reportedly be eligible for the Employment and Investment Incentive Scheme (EIIS).
EIIS is reportedly a state-backed initiative first introduced in 2011 that allows small investors to claim relief on investments in early-stage companies.
Funding, Webinars, Rewards And Benefits, And Campaign Launch Date
Ahascragh Distillery reportedly raised €3.3 million in its first round of funding, and reportedly said that there has been "strong initial demand" from private investors, some of whom have reportedly invested in casks with Ahascragh Spirit.
A series of webinars for potential investors have reportedly already commenced, reportedly with "good interest" from domestic and international investors.
The group reportedly said that the investment round includes rewards and benefits that range from "personal gifts to special experiences". The campaign will reportedly go live on November 19th.
Additional Found And Managing Director Statement
McAllister reportedly said, "We are privileged to have wonderful investors already on board, and we want to continue to grow the family.
"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
Irish whiskey sales have reportedly grown by 140% in the last 10 years, with 11.4 million cases reportedly being sold in 2020, which was reportedly down 0.4% on the previous year.
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