The owners of Drumshanbo Gunpowder Irish Gin plan to spend €10 million over the next three years to boost production capacity, lay down more Irish whiskey and market the brand overseas.
The Shed Distillery in Co Leitrim, which is owned by husband and wife team Pat and Denise Rigney, has also acquired an 80-acre farm that it plans to transform into a nature reserve in Drumshanbo.
“The investment is in expanding production of our gin and Irish whiskey, new equipment and also the brand,” said Mr Rigney.
He added that the investment would come from its own resources. “Cash is king at the moment. We don’t owe anything to the banks, we don’t have outside investors and we’re just focused on doing the right thing. We are putting everything back into the business.”
PJ Rigney Distillery & International Brands Ltd posted revenues of €19 million for the year to the end of September 2023, up 13 per cent on the previous 12 months. Its pretax profit rose to €3.8 million, up from €3.4 million a year earlier, according to unaudited accounts.
This left the business with accumulated profits of €15.4 million.
Mr Rigney described the trading performance as “real organic growth” as the company did not increase its pricing to customers during the year.
“It was a positive year in a very, very competitive market,” Mr Rigney said. “We are seeing very high levels of competition but we’re focused on the long game and becoming a top eight, top 10 global brand. There are a lot of new entrants into various categories. You really need to be on your A-game.”
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Figures from the Central Statistics Office for the first eight months of this year, show the value of Irish gin and whiskey exports were down by 21 per cent and 30 per cent respectively.
This has been put down to timing effects and an initial boom in exports post the lifting of Covid restrictions.
“What we’re attempting to do is invest in the long term and drive the brand on a global basis. So we have the head down, we’re focused, opening new markets and trying to look after the ones we have.
“If we are going to be successful in the long haul, we need to be competing within the top 10 premium gins, and that’s our goal. We’re determined to get there but it will take us time, we have some way to go.”
The distillery is best known for its Gunpowder Irish gin, which accounts for 95 per cent of its business, although it also produces Irish whiskey and vodka.
The numbers employed at the distillery and its visitor centre averaged 85 during the financial year just ended with its bill for wages and salaries amounting to €2.3 million.
