Get the app today! Download iPhone App Download Android App

SUBSCRIBE

Paddy Irish Whiskey Owner Understood To Be Looking To Develop New Home For The Spirit

Published on Sep 28 2021 12:10 PM in Drinks tagged: Trending Posts / Paddy Irish Whiskey / Sazerac / Paddy Whiskey

Paddy Irish Whiskey Owner Understood To Be Looking To Develop New Home For The Spirit

Paddy Irish Whiskey owner Sazerac is understood to be looking to develop a new home for the spirit.

As reported by The Irish Independent, it is understood Sazerac, which owns over 450 brands worldwide, has approached distilleries in Ireland with a view to either forming a joint venture or acquiring a distillery to create a brand home for Paddy Irish Whiskey, and it is further understood that the New Orleans-headquartered company had also considered building a distillery.

Sazerac reportedly said that it did not wish to comment.

Statements From Sources

An industry source reportedly said most brands in the sector, like Sazerac, would be keen to develop their own distillery, and reportedly added that they believe Sazerac will be looking for a reasonably large distillery as it could aspire to becoming a brand selling half-a-million cases.

The source reportedly also said that there is quite a bit of interest overseas in Irish whiskey, and reportedly added that the move by Sazerac to find a new location for Paddy Irish Whiskey would make sense.

Another source reportedly said that they are aware of Sazerac's interest in either forming a joint venture with a whiskey distillery or building one from scratch.

Accounts And Data

The latest accounts for Sazerac's Irish subsidiary, Sazerac of Ireland, reportedly reveal that the company recorded a post-tax profit of more than €1.4 million for the year that ended on June 30, 2020, which was reportedly down from close to €3.3 million, and it reportedly recorded a turnover of more than €18.3 million, which was reportedly down from approximately €22.7 million.

At the end of its financial year, Sazerac of Ireland reportedly had assets of close to €172.8 million, which were reportedly up from €95.3 million in 2019, and liabilities of a little more than €15.8 million.

The directors' report reportedly said that it had increased its net assets by €1.3 million.

Accounts for Paddy Whiskey, which is engaged in the manufacture and sale of the brand, reportedly reveal that the company had retained profits of more than €2.1 million at the end of June of 2020. This was reportedly up from retained profits of approximately €1.2 million at the end of its previous financial year.

De-Registering As Private Unlimited Companies

Both Paddy Irish Whiskey and Sazerac of Ireland reportedly applied to re-register as private unlimited companies in June.

© 2021 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.

Share on Facebook Share on Twitter Share on LinkedIn Share via Email