Dublin Beer Factory to be wound up
A petition to wind-up the Dublin Beer Factory, known for its Dublin Blue Irish lager, has been filed by the Revenue Commissioners.
The decision to close the business has been led by the Revenue’s collector general Joseph Howley with the Irish beer firm’s case due to be held at the High Court on 28 July.
Local reports from the Irish Independent have outlined how The Dublin Beer factory has recently invested millions to build a microbrewery and visitor centre, looping in backers from across the sector.
The business had previously pledged to open its visitor centre on Dublin’s northside on Parnell Street, which as of last year was still under construction and had already seen an investment of more than €10 million.
The business is reportedly owned by Erald Holtrust and Willem David Theodorus Rietbergen. Holtrust also runs United Soft Drinks, which describes itself as the biggest privately-owned soft drinks company in Benelux.
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Last year, Dublin Beer Factory Holdings pledged that its visitor centre was near completion. Brands it intended to brew at the site included its flagship Dublin Blue lager, however, its latest set of publicly-available accounts revealed that as of the end of 2021, its assets under construction amounted to just under €9 million. Plus, its creditors at that time reportedly amounted to €13.1 million, these figures included €10.2 million owed to related parties and €1.7 million in other investor loans.
The accounts stated: “It is anticipated that funding of €1.4 million will be required to bring the micro-brewery to a commission phase. An additional €2.2 million will be required to complete the fit out of the visitor centre.”
The accounts update had additionally reassured: “Following delays caused by the Covid-19 pandemic in 2021, construction work on the brewery restarted in 2022 and it is now substantially complete and on track for commissioning before the end of 2022, with full commercial production expected to commence in early 2023. The director also expects the visitor centre to open in 2023.”
db has reached out to Dublin Beer Factory for comment and is awaiting its perspective on the situation.
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