A world class eco-distillery in the west of Ireland with three award winning whiskey and gin brands
|Food & Beverage Non-Digital Mixed B2B/B2C
|13 Jul 2018
- On track to make Ireland's first zero-emissions whiskey & gin
- Focusing on the Asian market
- Experienced & connected team with key knowledge of market
- 3 brands launched with 9 products on international markets
While living in Asia, we grew tired of being offered an “Irish Scotch” and spotted a gap in the market for premium Irish Whiskey. The fastest growing premium spirit in the world, growing by 140% in 10 years, Irish whiskey sales are set to double by 2030. As demand grows, we have renovated a historical mill into a whiskey and gin eco-distillery. Our goal is to sustainably produce premium Irish whiskey and gin with innovation and transparency.
From living in China and Hong Kong, we’ve seen the opportunity for Irish Whiskey first hand. Exports to Asia grew 360% from 2013 - 2019 and projections show an annual growth rate of at least 20%. 1 in every 2 bottles of whiskey sold globally by 2025 will be bought in India.
A key differentiator is our drive to be zero-emissions. Our eco-distillery is powered with renewable energy – wind, solar and hydro, high temperature heat pumps and an energy efficient storage system. We believe this is a first for the industry.
Substantial accomplishments to date
Our mission is to help family and friends celebrate meaningful moments and occasions with sustainable and innovative premium Irish spirits. We have already hit many milestones on our journey:
· €1.5 million Founders investment; €1.7 million raised in seed round; €2.8 million raised in subsequent equity round
· Received Sustainability Energy Authority of Ireland grant of €500,000
· 9 whiskey and gin SKUs launched in 9 countries as of 2022
· Multiple national and international awards in 2022 for gin and whiskeys
· Phase one of the distillery build is complete with commissioning and distillation in early 2023
· Local warehousing secured
· 5 out of 8 revenue streams activated. Additional streams will generate income when tours and events commence
Ahascragh Distillers’ business plan delivers multiple income streams. Spirit, fresh make, casks, third party activities, merchandise and café sales are currently revenue generating. Visitor tours and events will add to sales income in the coming months.
Use of proceeds
All investments will go towards the completion of our Visitor Events Building, with plans to open Summer 2024.
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The company has the following loans.
1. An outstanding founder loan of €1,500,000, Interest free until March 1st 2032 when interest becomes 5% above base rate p/a. The loan shall be repaid between March 2032 and March 2037 by payments of at least €250,000 p/a.
2. A Director's loan of €500,000 for SEAI grant bridging. €250,000 is due in 12 months, with the remaining balance due upon the redemption or conversion of the EI and CF investments, with interest on the balance of the loan (5% above base rate p/a) to accrue after redemption or conversion of both EI and CF Investments.
3. The company is in the process of signing an agreement to purchase equipment through a Sale & Lease Back contract, with a maximum loan amount of €750,000. This will be a 72 month loan with monthly repayments of €13,781.18. The agreement is estimated to begin in Q3 of 2023.
4. The company also has a total of €1,144,000.00 worth of A & B Redeemable shares, which will be repaid with a 12.5% uplift on this figure. €330,000 of these shares are due to be repaid on the 31st December 2026 and the remainder is to be repaid between November-December 2027. These shares are not convertible into voting shares therefore they have not been factored into the fully diluted pre-money calculation.
The funds raised in this round will not be used to repay these debts.
The company is in the process of securing two additional financing options:
1. ENTERPRISE IRELAND (EI)
EI will be investing €400,000 for preference shares with the following terms:
- Dividends on this will accrue at a rate between 3%-8%;
- This investment will be redeemable at the price paid plus dividends accrued at the option of the company or EI after 5 years.
- EI have the right to convert some or all of the shares into ordinary shares at a discount which would cause dilution to existing investors upon a sale or a financing round of more than €400k, however they will always be limited to 10% of the voting power of the company.
2. CANTOR FITZGERALD EIIS (CF)
CF will invest up to €4,550,000 for preference shares with the following terms:
CF will invest up to €4,550,000 for redeemable/convertible, preference shares with the following terms:
- 5% interest per annum, rolled up and payable on redemption.
- Redeemable 5 years from the date of issuance. If the shares are not redeemed on the 5th anniversary then either:
- the interest rate will increase; or
- CF will have the option to convert into an 18.5% shareholding (based on a valuation of €20,000,000) and any accrued dividends will remain payable.
For the avoidance of doubt, the company will be obligated to ensure it has sufficient capital reserves to redeem these shares at the 5 year anniversary.
The company currently has ordinary, preference and redeemable shares. Seedrs investors, will be receiving ordinary shares.
The rights attached to the share classes are as follows:
- Ordinary shares - participating preference shares with voting and dividend rights
- Preference shares (held by EI/CF with the rights described above) - non-participating
preference shares with no voting or dividend rights.
- Redeemable shares – non-participating preference shares with no voting or dividend rights.
On a liquidation or exit any proceeds will be distributed pro-rata as follows (until available proceeds are used up):
1. Firstly, EI and CF will receive their investment back plus any accrued dividends;
2. Secondly, the holders of Ordinary, A Ordinary, B Ordinary, C Ordinary, D Ordinary, A
Redeemable and B Redeemable shares will receive their investment back;
3. The Redeemable shareholders will next be entitled to a fixed sum equalling 12.5% of their
4. Finally, any remaining proceeds will be distributed pro-rata amongst all ordinary shareholders
Gareth & Michelle McAllister are both Directors with 100% ownership of McAllister Multi Media Systems Ltd, a digital language technology service. They have no operational role in McAllister Multi Media Systems.
Please note that the share price for this round is €125.00. Due to the high share price, we have decided to allow investors to hold fractional shares. This means that we have reduced the investment multiple to €12.50 (representing 1/10th of a share), with the minimum investment being €12.50.
As these shares will be held via the Seedrs Nominee, fractional entitlements are possible.
£286,575 of the direct investment reflected into this campaign was received by the company between the 31/12/22 and 24/02/23.
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