Receivers have been appointed to a Waterford distillery business.
'Waterford Whisky', located on Grattan Quay in the city, was founded by Mark Reynier but has failed to raise fresh funds.
The Irish Times reports that the receivership is the culmination of weeks of efforts by the company and its main lender, HSBC bank, and is a consensual appointment.
Mark Degnan and Daryll McKenna of Interpath Advisory had been appointed as receivers.
After an emergency board meeting earlier this week, the company invited HSBC to appoint receivers over the company and take control of the business.
In a statement, Mr Reynier described the move as "tragic".
“Anything I’m going to say isn’t going to be adequate to describe my feelings right now," he said.
"It’s been a great effort from the whole Waterford team. They’ve given great dedication, done a great job. I’m sorry I’ve let them down.”
There had been ambitious plans for establishing the distillery as a tourist destination in Waterford.
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