Cognac maker Camus Holdings converted € 3.5m in loans it had made to its Lambay Island whiskey business into shares, new documents show.
t cements the French company’s investment in Lambay Irish Whiskey, which is a joint venture between Camus and Alexander Baring, owner of Lambay Island. Mr. Baring is the seventh Lord Revelstoke.
Camus Holdings has so far committed at least € 6 million to Lambay Irish Whiskey with the aim of building a profitable brand.
Mr Baring’s ancestral family was behind the famous Barings bank, which collapsed in 1995 after dishonest trader Nick Leeson racked up huge losses which he hid from the institution.
Lambay Island is located a few miles off the north coast of Dublin.
The latest set of publicly available accounts for Lambay Irish Whiskey shows the company had € 5.1m in inventory at the end of 2019 and a shareholder deficit of € 464,000 as it continued to increase production and target new markets.
It recorded a loss of nearly € 1.5 million in 2019, bringing its cumulative losses to € 3.1 million. She launched her whiskeys in 2018.
“Camus Holdings, the parent company, has undertaken not to request reimbursement of amounts owed to it if this in any way alters the operations of the company,” the accounts note.
“In addition, he has agreed to provide the necessary financial assistance to ensure that the company is able to meet its commitments as they fall due,” the accounts add.
In 2019, the whiskey company received € 2.8m from Camus Holdings, with the amount owed to the French group reaching just under € 6m at the end of 2019.
The whiskey company has an agreement with Lambay Estate Company until early 2032 which provides for the payment of royalties for the exclusive licensing of the products.
Over the summer, the whiskey maker began a wider push into the US market, offering for sale its Lambay whiskey small batch blend and Lambay whiskey single malt. She had been selling her whiskey in New York and New Jersey since 2018.
His latest decision will allow him to market his whiskeys in the United States, as well as in Canada and other regions, including Mexico and the Caribbean.
The US market accounts for around 50% of total Irish whiskey worldwide sales, with a large number of distilleries having established themselves here in recent years in pursuit of the market.
Lambay Island has been in the Baring family since 1904.