Profits slumped at Bacardi-controlled Teeling Whiskey last year during a challenging year for the sector, according to newly filed financial accounts.
The Dublin-based distillery, which was founded by the Teeling brothers, Jack and Stephen, but is now majority owned by drinks giant Bacardi, saw pretax profits fall by more than 90 per cent during a challenging period for Ireland’s whiskey industry.
Founded in the Liberties in 2012, the distillery saw its post-tax profits tail off from €3.4 million in 2024 to 295,428 in its year ending March 2025.
The financial period ended shortly before the imposition of import tariffs on Irish whiskey exports to the US on Liberation Day in April, which caused significant disruption to the sector.
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The distillery saw turnover of €27.5 million in 2024, primarily generated from goods sales, €24.1 million, as well as some €3.3 million in services income.
In the 2025 financial period, the distillery saw its turnover fall to €23.7 million, down nearly 14 per cent. The decreased turnover of largely driven by falling whiskey sales, down by 15 per cent to 20.5 million, while services income remained largely steady – the distillery operates a visitor centre.
The Irish whiskey sector endured a challenging period due to growing input and labour costs as well as overstocking issues, which was exacerbated by trade restrictions.
Across its markets, Teelings saw its Irish sales fall to €6.8 million from €10.4 million in 2024, while its sales outside of Europe were also trimmed from €11 million to €8.4 million. These reductions in sales volumes were partially offset by growing revenue from the rest of Europe, which grew from just over €6 million to €8.5 million.
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The company had an average of 98 employees during the year, a marginal growth from 97 the previous year, but saw staff costs, a combination of pay and social insurance costs, decline to €4.5 million from €4.64 million in 2024. Pay to directors stood at €485,019, down from €531,135 the previous year.
The accounts include a subsidiary of the distillery, Newmarket VC Ltd, which operates the visitor centre.
The Teeling brothers sold an initial 40 per cent stake to Bacardi in 2017, with Bacardi buying another tranche of shares for €44.8 million in November 2022, The Irish Times has previously reported.
One of the largest privately owned drinks companies in the world, Bacardi holds an option to buy the remainder for €29.8 million. Bacardi has accumulated substantial debt over the past two years after raising its stakes in Teeling whiskey and Ilegal mescal, bringing its debt-to-earnings ratio significantly higher than the company had targeted.
Teeling secured an option to acquire an adjoining property to its distillery in the Liberties in late 2023, to provide scope to double its production capacity.
The company had secured the option for the building from the family-run Creedon property group, which had previously intended to build an apartment block and retail units on the site at Newmarket Square in Dublin 8 with the estimated cost at €10 million-plus.
The company has been contacted for comment.
