HannawayCA is delighted to have arranged expansion capital for Boatyard Distillery
From the sale of its first bottle in late 2016, it was quite a first year for The Boatyard Distillery, Ireland’s new luxury gin distiller. The first breakthrough came when founder, Joe McGirr, used the contacts he made when he worked for Glenmorangie, the famous Scotch, to secure a listing for Boatyard Double Gin on the shelves of Harrods. Next was the no.1 bar in the world (the American cocktail bar at the Savoy) and just late last year managed to get a listing with Marks & Spencer.
But such success comes at a price. The Boatyard team have been working ‘round the clock over the last few months to distil and produce large orders for customers, including travel retail customers covering all the major Irish airports, along with kick starting export to Denmark and Switzerland.
And HannawayCA was called in when Joe realised his credit cards weren’t going to be able to fund the stock for these orders, worth many hundreds of thousands of pounds; the company also needed six figure sums to buy new stills, to launch its Old Tom gin and its vodka brand and to start laying down whiskey.
We were pretty sure that Boatyard would appeal to private investors, especially as we were able to offer them SEIS, a highly tax efficient (but 100% legal!) investment structure. Invest Northern Ireland-backed CoFundNI, which match-funds private investments into NI’s young growth companies, doubled what came from the private investors. Then, with sufficient cash going in, WhiteRock, which lends to growing NI companies, provided another £100,000 to Boatyard, bringing the total raised to nearly £350,000.
It was a huge effort helping these investors learn about, and buy into, Boatyard’s plans then get all the investment contracts drafted and agreed. But with excellent help from Tughans solicitors in Belfast, we managed to get the funding across the line late on Friday 22nd of December, meaning the Boatyard staff could get their Christmas pay!
We wish Boatyard all the best for 2018 and hope it’s just as exciting as the last year!