Latest news with #EoinÓCatháin
Belfast Telegraph
28-05-2025
- Business
- Belfast Telegraph
Indian market ‘now on radar' for NI whiskey makers: ‘The population is high and opportunities are vast'
The agreement includes specificities around rules of origin which allow NI whiskey producers to source ingredients and materials from other countries. The Irish Whiskey Association [IWA], an all-island trade association, which counts 20% of its membership in Northern Ireland, describe the deal as 'a great opportunity for Northern Irish producers'. The India-UK trade deal has refocused export efforts on the Indian market among smaller local whiskey manufactures. Mourne Dew Distillery in Co Down makes blended and single malt whiskies alongside a range of gin, poitíns and vodkas. 'We started talking to people in India last year,' says Donal Farrell, managing director of Mourne Dew. 'It ground to a halt because the administrative complexity of shipping to India was difficult and the tariffs weren't helping. After this deal, India is on our radar.' India, a country of 1.44 billion with an economy currently growing at over 7%, is considered the world's biggest whiskey market. It consumes an average 2.4 billion bottles every year. The nation's biggest whiskey seller is its indigenous brands, which are made of out molasses (in a similar production process to rum). Ireland largely exports its brands – 95% of the product distilled on the island is sent overseas – but although Irish whiskey's biggest market remains the US (at around 45% of export value) regions like India are experiencing greater thirst. Data from HMRC's Overseas Trade in Goods statistics database shows 1,500% growth for NI exports of whiskies to India from 2020 to 2024: a rise of £100,000 to £1.6m in value. Famous distilleries from Northern Ireland include the Old Bushmills Distillery, Hinch Distillery, Rademon Estate Distillery, Killowen Distillery, and The Echlinville Distillery. 'Bushmills is one of the top three Irish whiskey brands worldwide,' says Eoin Ó Catháin, IWA director. 'It is more established in new and emerging markets. Often it's these [larger] companies who have the back of an international or a multi-national company and have the scope and the resources to enter into a challenging market like India. Any ease of access to a market such as India, where the population is high and opportunities are vast, has great potential. Northern Irish whiskey producers have been recognised by the government for their unique nature.' Irish whiskey traditionally sold in India under the 150% tariff was 'targeted at the upper, upper middle, premium or super premium categories,' Eoin says. 'Oftentimes brands can do quite well, even with a 150% tariff, because it raises the price so high it can be seen as a sign of wealth.' The decrease to 75%, however, has the potential to expose Irish brands to new audience. 'A 75% tariff might seem very high, but believe me – that's a big difference. It might allow some smaller companies to start looking at India.' The NI whiskey and spirit production supply chain is integrationist. The example of Bailey's Irish cream was often brought up during Brexit negotiations. 'This is a product that crossed the border up to 10 times before it made it onto the shelves,' Eoin says. 'We need to make sure that in these free trade agreements a product that has certain parts of the process undertaken in RoI can still be considered a Northern Irish product.' According to a spokesperson from NI's Department for the Economy (DfE), during negotiations around the UK-India trade deal, DfE officials 'worked closely with the Department of Business and Trade to ensure the interests of the economy in the north were fully taken into account, including our unique trading position with dual market access.' The India-UK deal secures rules of origin for products from NI, allowing producers and manufacturers 'to source ingredients and materials from other countries'. The Department for Business and Trade's conclusion summary for the deal cites the example of 'whiskey distilled in Northern Ireland [which] can use barley or neutral grain spirit from the Republic of Ireland and can be bottled in transit, on the way to India.' Irish whiskey distilled in the Republic continues to face a tariff of 150% but RoI producers are unlikely to uproot. The identity of whiskey brands are usually related to their place of origin. 'The providence behind the liquor is important for people,' says Donal Farrell of Mourne Dew, which uses an unconventional cold distillation technology for the production of its gins, poitíns and vodkas. 'We have a back story when it comes to our manufacturing processes.' India remains a market with challenges. The country has different import charges spread across its 28 states and eight union territories (unlike the UK which has a single system). However, the opening of a new Indian consulate in Belfast is expected to ease business between the regions. A DfE spokesman described the consulate as 'another welcome step to strengthening connections and creating opportunities for our local businesses to engage with the Indian system directly.' Eoin Ó Catháin says of the consulate: 'This deepening of diplomatic ties shows the affinity between our two peoples and the determination to strengthen the business links between our two nations. Irish whiskey can help with this.' The UK-India deal comes at a time when Irish whiskey's biggest market, the U.S., is under siege from tariffs. Mourne Dew exports its whiskies to the region and spent much of 2024 trying to organise new business. However, since President Trump introduced the threat of tariffs 'it's all over the place' according to Donal Farrell. 'Importers don't know what's happening on a macroeconomic perspective. Is there going to be a recession? Are they going to be hit with a 50%, 5% or 10% tariff? They're hedging their bets and doing nothing. We just want to sell our product. Trump's behaviour is creating uncertainty in the market.' Mourne Dew is now considering a visit to India in October for ProWine Mumbai, the country's largest spirits and wine trade show. 'Canada and the EU are probably our main export targets at the moment,' Donal says. 'But after that: India. We're also trying to get into Thailand and China. But it's a resource issue for us. We're tiny." Some details are 'still being worked through around the new trade deal', the DfE spokesperson says, 'but it is anticipated it will be a positive for our whiskey sector as well as our pharma and manufacturing sectors.' Northern Ireland exported £55m of goods to India in the 12 months ending in September 2024. Beverages accounted for £7.4m in export sales. Chemical materials were valued at £5.9m and specialised machinery at £3.6m. NI's medtech and medical devices sectors are also likely to benefit from the deal. An emerging Indian market might open up new brand development for whiskey producers. Mourne Dew, for example, is making plans for a coffee liqueur. The boss, Donal Farrell, would now like to see politicians follow India's lead and seek similar deals with other lucrative territories: 'Hopefully this isn't just a one-off,' he says. 'Hopefully it's a trend.'
Belfast Telegraph
27-05-2025
- Business
- Belfast Telegraph
Indian market ‘now on radar' for NI whiskey makers
The agreement includes specificities around rules of origin which allow NI whiskey producers to source ingredients and materials from other countries. The Irish Whiskey Association [IWA], an all-island trade association, which counts 20% of its membership in Northern Ireland, describe the deal as 'a great opportunity for Northern Irish producers'. The India-UK trade deal has refocused export efforts on the Indian market among smaller local whiskey manufactures. Mourne Dew Distillery in Co Down makes blended and single malt whiskies alongside a range of gin, poitíns and vodkas. 'We started talking to people in India last year,' says Donal Farrell, managing director of Mourne Dew. 'It ground to a halt because the administrative complexity of shipping to India was difficult and the tariffs weren't helping. After this deal, India is on our radar.' India, a country of 1.44 billion with an economy currently growing at over 7%, is considered the world's biggest whiskey market. It consumes an average 2.4 billion bottles every year. The nation's biggest whiskey seller is its indigenous brands, which are made of out molasses (in a similar production process to rum). Ireland largely exports its brands – 95% of the product distilled on the island is sent overseas – but although Irish whiskey's biggest market remains the US (at around 45% of export value) regions like India are experiencing greater thirst. Data from HMRC's Overseas Trade in Goods statistics database shows 1,500% growth for NI exports of whiskies to India from 2020 to 2024: a rise of £100,000 to £1.6m in value. Famous distilleries from Northern Ireland include the Old Bushmills Distillery, Hinch Distillery, Rademon Estate Distillery, Killowen Distillery, and The Echlinville Distillery. 'Bushmills is one of the top three Irish whiskey brands worldwide,' says Eoin Ó Catháin, IWA director. 'It is more established in new and emerging markets. Often it's these [larger] companies who have the back of an international or a multi-national company and have the scope and the resources to enter into a challenging market like India. Any ease of access to a market such as India, where the population is high and opportunities are vast, has great potential. Northern Irish whiskey producers have been recognised by the government for their unique nature.' Irish whiskey traditionally sold in India under the 150% tariff was 'targeted at the upper, upper middle, premium or super premium categories,' Eoin says. 'Oftentimes brands can do quite well, even with a 150% tariff, because it raises the price so high it can be seen as a sign of wealth.' The decrease to 75%, however, has the potential to expose Irish brands to new audience. 'A 75% tariff might seem very high, but believe me – that's a big difference. It might allow some smaller companies to start looking at India.' The NI whiskey and spirit production supply chain is integrationist. The example of Bailey's Irish cream was often brought up during Brexit negotiations. 'This is a product that crossed the border up to 10 times before it made it onto the shelves,' Eoin says. 'We need to make sure that in these free trade agreements a product that has certain parts of the process undertaken in RoI can still be considered a Northern Irish product.' According to a spokesperson from NI's Department for the Economy (DfE), during negotiations around the UK-India trade deal, DfE officials 'worked closely with the Department of Business and Trade to ensure the interests of the economy in the north were fully taken into account, including our unique trading position with dual market access.' The India-UK deal secures rules of origin for products from NI, allowing producers and manufacturers 'to source ingredients and materials from other countries'. The Department for Business and Trade's conclusion summary for the deal cites the example of 'whiskey distilled in Northern Ireland [which] can use barley or neutral grain spirit from the Republic of Ireland and can be bottled in transit, on the way to India.' Irish whiskey distilled in the Republic continues to face a tariff of 150% but RoI producers are unlikely to uproot. The identity of whiskey brands are usually related to their place of origin. 'The providence behind the liquor is important for people,' says Donal Farrell of Mourne Dew, which uses an unconventional cold distillation technology for the production of its gins, poitíns and vodkas. 'We have a back story when it comes to our manufacturing processes.' India remains a market with challenges. The country has different import charges spread across its 28 states and eight union territories (unlike the UK which has a single system). However, the opening of a new Indian consulate in Belfast is expected to ease business between the regions. A DfE spokesman described the consulate as 'another welcome step to strengthening connections and creating opportunities for our local businesses to engage with the Indian system directly.' Eoin Ó Catháin says of the consulate: 'This deepening of diplomatic ties shows the affinity between our two peoples and the determination to strengthen the business links between our two nations. Irish whiskey can help with this.' The UK-India deal comes at a time when Irish whiskey's biggest market, the U.S., is under siege from tariffs. Mourne Dew exports its whiskies to the region and spent much of 2024 trying to organise new business. However, since President Trump introduced the threat of tariffs 'it's all over the place' according to Donal Farrell. 'Importers don't know what's happening on a macroeconomic perspective. Is there going to be a recession? Are they going to be hit with a 50%, 5% or 10% tariff? They're hedging their bets and doing nothing. We just want to sell our product. Trump's behaviour is creating uncertainty in the market.' Mourne Dew is now considering a visit to India in October for ProWine Mumbai, the country's largest spirits and wine trade show. 'Canada and the EU are probably our main export targets at the moment,' Donal says. 'But after that: India. We're also trying to get into Thailand and China. But it's a resource issue for us. We're tiny. Some details are 'still being worked through around the new trade deal', the DfE spokesperson says, 'but it is anticipated it will be a positive for our whiskey sector as well as our pharma and manufacturing sectors.' Northern Ireland exported £55m of goods to India in the 12 months ending in September 2024. Beverages accounted for £7.4m in export sales. Chemical materials were valued at £5.9m and specialised machinery at £3.6m. NI's medtech and medical devices sectors are also likely to benefit from the deal. An emerging Indian market might open up new brand development for whiskey producers. Mourne Dew, for example, is making plans for a coffee liqueur. The boss, Donal Farrell, would now like to see politicians follow India's lead and seek similar deals with other lucrative territories: 'Hopefully this isn't just a one-off,' he says. 'Hopefully it's a trend.'
Forbes
01-05-2025
- Business
- Forbes
Irish Police Warns Irish Whiskey Cask Fraud Can Fund Organized Crime
An Garda Síochána - the Irish national police - issued a stark warning to the public about the rise of so-called "whiskey fraud," urging victims to come forward and highlighting the role such scams may play in supporting organised criminal activity, reports The Irish Times. In recent years, the tally of investment scams involving casks of Scotch whisky and also Irish whiskey has grown. Often, prospective investors are persuaded to purchase casks of so-called 'rare whiskey' with promises of dramatic future profits. However, the reality is more problematic. Casks are often sold at vastly inflated prices, may not even exist at all, or the same cask is sold to multiple 'investors'. Maturing casks of Irish whiskey. The Irish police (Gardaí) have called for potential victims of ... More Irish whiskey cask investment fraud to come forward. These scams are typically perpetrated by firms that seem legitimate on the surface, offering professional-looking websites, contracts, and 'certificates of ownership'. But often actual verification of ownership is made difficult, with victims only discovering they have been defrauded when these companies shut down without warning. The issue has garnered international media attention, though mostly focusing on Scotch whisky. This includes a story from The New York Times and an investigation from the BBC. I've also written about how the scams work in this publication. In London, police are currently investigating at least three companies suspected of being involved in whiskey fraud. The City of London Police confirmed that while a few scams involved Irish whiskey, the Garda have stated that so far, 'no significant instances of whiskey fraud have been identified in this jurisdiction.' Nonetheless, they also acknowledged the problem's reach and urged vigilance, and confirmed that the The Garda National Economic Crime Bureau is monitoring the situation. A Garda spokeswoman stated: 'Whiskey fraud and associated crimes not only erode consumer trust but also present serious health risks and can contribute to the activities of organised crime.' However, when contacted for a comment, Eoin Ó Catháin, director of the Irish Whisky Association trade group, downplayed the potential of cask fraud crime in Ireland: 'We were happy to see the Gardaí had said that there's no instances or no significant instances of cask whiskey investment fraud happening in Ireland. To be honest, that's what we had seen as well," he said. "We looked at it internally after we had first seen reports come out of the BBC last month about investment schemes in Scotch, and we didn't find anything wrong.' Authorities are now appealing to the public: anyone with information about whiskey fraud—whether they have suspicions or believe they may have been a victim—is encouraged to contact their local Garda station.
Irish Times
01-05-2025
- Business
- Irish Times
Gardaí urge potential ‘whiskey fraud' victims to come forward over investment scams
An Garda Síochána have urged potential victims of so-called 'whiskey fraud' to come forward and warn that the practice can help fund organised crime. In recent years, there has been a significant increase in investment scams overseas involving the spirit, including Irish whiskey. The scams can involved customers being sold casks of rare whiskey which they are told will significantly increase in value over the years. In some cases, investors are sold casks at vastly inflated prices. In others, the casks do not exist at all. Another tactic is to sell the same cask to multiple investors. The scams are carried out by companies which appear to be legitimate. The casks are often stored in warehouses in remote locations with customers only finding out they have been defrauded when the companies close down. READ MORE The trend has been the subject of recent investigations by the New York Times and the BBC, with the former reporting investors in Britain and Ireland have been sold casks 'that turn out to be untraceable or non-existent'. London police are investigating three companies for suspected whiskey fraud based in the capital. While some of the scams involve Irish whiskey, gardaí said, to date, 'no significant instances of whiskey fraud have been identified in this jurisdiction'. It said, however, officers from the Garda National Economic Crime Bureau are aware of cases in other jurisdictions. It urged anyone with information about whiskey fraud, including anyone who has fallen victim to a scam, to contact their local Garda station. [ Northern Irish whiskey sector faces confusion over Trump tariffs Opens in new window ] 'Whiskey fraud and associated crimes not only erode consumer trust but also present serious health risks and can contribute to the activities of organised crime,' a spokeswoman said. 'Reporting such offences to An Garda Síochána is essential to ensuring thorough investigations, protecting the integrity of the industry and ensuring public safety.' Investment schemes involving newly distilled or maturing whiskey 'are a legitimate revenue scheme for whiskey distilleries,' said Eoin Ó Catháin, director of the Irish Whiskey Association trade group. 'Some Irish whiskey distilleries avail of this opportunity – this can be rewarding to the purchaser as it enables them to be able to create a unique Irish whiskey of their own, or invest in a brand of their choice.' He warned, however, it is vital for investors to 'carry out due diligence and take appropriate advice before investing. 'Investors should recognise there are risks involved in these schemes as there are with any investment, both as regards the potential value of this investment and opportunities to sell on.' Mr Ó Catháin said the association is currently developing guidelines for the industry, which will 'allow for potential investors to be able to make informed decisions on cask investment proposals.'
