In 2014, Cantor Fitzgerald clients invested €2.5m in Great Northern Distillery Limited (“GND” or the “company”) via the EIIS scheme. The funds were used by John Teeling and his team to convert the former Harp Brewery in Dundalk – which was acquired from Diageo in 2014 – into a large scale malt and grain distillery.
Following the successful completion and fit out of the distillery, GND commenced distillation in July 2015. The first of its two distilleries to be commissioned was the 30-million-bottle-a-year capacity, three-column still grain whiskey distillery. This was followed by the three pot-still malt distillery, capable of distilling 12 million bottles of single malt and pot still whiskey per year, which began distillation in August 2015.
The company has enjoyed tremendous success and growth, delivering profitability each year since the distillery was commissioned and is now one of the largest producers of grain whiskey in the country. Following on from this success the company bought back the 2014 EIIS shares in February this year. The share buyback was as per the terms of the 2014 EIIS investment and resulted in a 12% uplift for Cantor Fitzgerald clients, in addition the tax relief obtained over the 3 year period.