Business

Slane Castle Irish Whiskey sees losses rise to €25.7m

The company, founded by Lord Henry Mount Charles and his son Alex, was sold to Brown Forman in 2015

Slane Irish Whiskey co-founders Lord Henry Mount Charles (left) and Alex Conyngham (right) with Alan Buckley, assistant distillery manager. Photograph: Marc O’Sullivan

Barry J Whyte
Fri Mar 29 2024 - 15:03

Accumulated losses at Slane Castle Irish whiskey have risen to €25.7 million, new financial accounts show.

Slane Castle Irish Whiskey was founded by Lord Henry Mount Charles and his son Alex, and sold in 2015 to giant American spirits company Brown Forman, the maker of Jack Daniels.

The most recent accounts show that it had made a loss of €3.2 million in the year to the end of April 2023, up from the previous year’s trading loss of €2.7 million.

During that year the value of the company’s whiskey stocks rose from €23.5 million to €29.2 million, made up of “finished goods and goods for resale”, according to the accounts.

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It also had fixed assets worth €30.2 million, including property worth around €17 million and barrels, fixtures and fittings worth close to €13 million.

It owed its creditors €14.5 million, of which €13.4 million was owed to group undertakings, which left it with total assets worth €45.6 million.

The company also had reserves worth €67.9 million, the largest part of which was a “capital contribution reserve” in the amount of €67.4 million. According to the accounts, “the capital contribution represents a gift received from Brown-Forman Netherlands BV”, its immediate parent company. The accounts note that this gift was “being made with the intention and understanding that it will be irrevocable, non-refundable and unconditional in all respects”.

While the company is owned by Brown Forman, it is still run by the Conynghams. In a recent interview with The Spirits Business, a drinks industry trade magazine, Alex Conyngham said that “while it was technically an acquisition, I would say it’s more of a partnership, because the family is still very involved, and a Conyngham family member will always sit on the board of the company, and I personally take an active role in product development.”

Slane Castle is owned by Lord Mount Charles and has for years been most famous as the site of a semi-regular concert he has held in the castle grounds since 1981, with famous acts over the years including Thin Lizzy, Bob Dylan, Bruce Springsteen, David Bowie, U2, Madonna and, more recently, Harry Styles.

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