Accounts for Lambay Irish Whiskey have revealed that the company's total losses increased from €1.7 million to €3.1 million in 2019.
As reported by The Business Post, the accounts reveal that the company experienced a loss of €1.4 million in 2019.
Additionally, Lambay Irish Whiskey had €5.1 million worth of stocks last year, which was up from €3.7 million the previous year.
Lambay Irish Whiskey was founded by Alexander Baring, the seventh Lord Revelstoke, and Camus Holdings in 2017.
Camus, which owns 99% of the company, has since invested close to €9 million in it, with approximately €2.7 million pumped into the equity of the business and close to €6 million in loans.
Less than 1% of the company's shares are held by its export director, Jean-David Costerg.
Lambay Irish Whiskey does not yet have a distillery onsite, but the company received permission in July to construct a mico-distillery with an independent energy supply on Lambay Island, which is located off of the north Dublin coast and is the private home of the Baring banking family, and is owned by Alexander Baring.
The company subsequently received a €192,283 grant from Fingal County Council for the distillery's construction.
Lambay has been buying stocks of whiskey from several sources including West Cork Distillers, which it subsequently matures in cognac casks on Lambay Island.
Camus has a deal with the Lambay Estate Company, which is controlled by the Baring family, that runs until February 12 of 2032 to pay it "royalties in respect of granting exclusive licences with regard to the products".
The company's accounts state that the royalty payments' value is €100,000.
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