Ahascragh Distillery seeks to raise €1.5 million, aiming for small investors

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Galway Daily business Ahascragh Distillery seeks to raise €1.5 million, aiming for small investors

McAllister’s Distillery in Ahascragh is seeking to raise €1.5 million through share sales aimed at small investors in the community.

The state-of-the-art distillery expects to begin production of gin and whiskey in late 2022, with ambitious plans in place to also create a tourist visitor experience.

The old corn mill was acquired in 2019, and planning permission was secured in October 2020. Structural and enabling works on the historic structure were completed last June.

Galway County Council approved McAllister’s plans for a café and gift shop across the street from the distillery in September, as part of the greater visitor experience for the distillery, which will also include a Tasting Room and museum of the Old Mill buildings’ history.

After previously raising €3.3 million in funding, the McAllister’s are now launching a ‘Clan Investment’ round, with shares available to the wider public.

The minimum investment is €115, and those who invest over €1,000 will be eligible for the Employment and Investment Incentive Scheme (EIIS).

This is a state scheme that allows small investors in trading companies to claim tax relief on their investment.

Michelle McAllister, Founder & Managing Director, said that their distillery is “rooted” in Galway in different ways, and that they have been overwhelmed by the support of the community.

“The distillery will be supported by local workers and suppliers, and will draw from the surrounding landscape and resources to distil our spirits.”

With that in mind, she said that they want to give the community a chance to own some of the project.

“This round makes it easier & more accessible for the local and whiskey community to invest in the project even if it’s on a smaller level.”

A series of webinars for potential investors have already commenced with good interest from domestic and international investors.

Shares will be available to purchase from Friday, November 19 when the investment round goes live.

Gareth McAllister, co-founder and director, added “We are privileged to have wonderful investors already on board and we want to continue to grow the family.”

“This is an attractive opportunity for investors across Ireland, and the world, to buy in to the business and own a piece of whiskey history in the West of Ireland.”