The funding package is comprised of equity investment from Whiterock’s Growth Capital Fund, adding to the debt funding Titanic received from Whiterock in 2022 to support the fitout and launch of the distillery.
The funds have already been used to hire two senior drinks industry executives, Colin Green and JC Rice. Green previously worked as commercial director of Diageo Ireland and has joined to implement Titanic’s international sales strategy, while Rice, the former head of sales for Tennent’s NI, will manage sales in Britain and Ireland.
Moving forward, the business also plans to use the new funding to expand its existing footprint across the UK and Europe, and also to move into the US and Asia.
Titanic expects to establish its US team in the coming months, including the appointment of a chief revenue officer, with the initial focus on states with a strong Irish heritages such as New York, New Jersey and Pennsylvania.
‘Craftsmanship at the core'
“This equity investment will help fund the next phase of growth for Titanic Distillers,” said CEO Stephen Symington.
“It has already enabled us to bring unrivalled expertise into our team in the shape of Colin and JC, who will drive our sales in new and existing markets.”
He added: “Craftsmanship is at the core of Titanic Distillers. We have created a whiskey that the people of Belfast can be proud of and have a unique brand that we are excited to now showcase to customers around the world in a modern and contemporary way. Whiterock are a fantastic partner to have with us as we put the new strategy into action.”
Meanwhile, Whiterock director David McCurley praised the firm for its growth in recent years and ambitious plans for the future.
“Over the past few years Titanic Distillers has successfully established its brand in both the drinks and tourism industry here in Belfast, achieving impressive growth,” he said.
“It is positive to see the hard work and dedication of the team paying off and we look forward to supporting the company’s plans to enter new markets.”
Based in Thompson Dock, which first opened in 1911 to service and accommodate the massive White Star transatlantic liners Olympic and Titanic, Titanic spent £8m converting The Pumphouse into a working distillery.
It started production of its single malt whiskey in August 2023, building on its existing portfolio blended Irish Whiskey, Pot Still Irish Whiskey and Irish Vodka distilled from sugar beet. The production process is led by head distiller Damien Rafferty, who uses ingredients that have been carefully selected to produce the best possible flavour.
