A Co Down Irish whiskey and gin distillery launched by serial entrepreneur Terry Cross recorded an operating loss of £2 million last year, new accounts show.
The Hinch Distillery officially opened in 2021 on a site between Carryduff and Ballynahinch following a £15m investment.
The tourism, hospitality and spirit venture, which has been backed by Invest NI and endorsed by actor James Nesbitt, produces its own Irish whiskey brand Hinch and Ninth Wave Gin.
Invest NI’s support included £1.9m toward the construction of the distillery as well as plant, machinery and equipment.
But the latest accounts published on Companies House show Hinch Distillery Ltd has been running at a loss since 2020/21.
The whiskey and gin operation recorded an operating loss of £2.1m for the year ending June 30 2023.
It brought the total losses for the three years ending June 2023 to £4.2m.
But Hinch has continued to build up its own stock of Irish whiskey in that time, which is accumulating value as each year passes.
Its latest accounts show the value of the distillery’s stock has increased by £2m per year in each of the past two financial years.
The latest accounts show the value increased from £5.5m in 2022 to £7.4m at the end of June last year.
The growing value of its spirit stock has helped Hinch narrow its liabilities, which fell from £9m in 2022 to £6.4m in the 2023 accounts.
The report states that the company continues to depend on the support of Dr Cross and his family as it builds up its growing portfolio of Irish whiskey products.
“The company meets its working capital requirements through financial support from its parent company and is dependent on this continuing support,” it states.
“Cross Family Group Holding Ltd, the parent company, has further agreed to support the company throughout the succeeding 12-month period.”
Dr Cross co-founded Delta Print and Packaging company in Belfast during 1981.
The business was acquired by Finnish packaging giant Huhtamaki in 2016 in a deal worth around £80m.
Now aged 73, Dr Cross shows little sign of slowing down.
Last year he announced a £47m investment in a brand new packaging business in west Belfast.
Biopax is expected to create 169 jobs to the former Caterpillar site at Springvale Business Park by 2027.
