Losses grow at Hinch Distillery as Co Down Irish whiskey maker suffers £2.8m hit

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Business
Losses grow at Hinch Distillery as Co Down Irish whiskey maker suffers £2.8m hit
Turnover falls and costs rise at Terry Cross-owned drinks operation during challenging year for Irish whiskey sector
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The Hinch Distillery officially opened in 2021 following a £15m investment, led by Dr Terry Cross (inset).
By Ryan McAleer
April 04, 2026 at 6:00am BST
The Irish whiskey and gin operation launched by Belfast entrepreneur Terry Cross has recorded another year of significant losses following a 35% slump in sales last year.
A new financial disclosure from Hinch Distillery Limited, reveals the Co Down spirit business posted a £2.77 million loss for the year to June 2025.
It followed a year when the distillery’s turnover dropped by around £1.8m to £3.2m, while cost of sales more than doubled from £1.1m to £2.5m.
The Hinch Distillery officially opened in 2021 on a site between Carryduff and Ballynahinch following a £15m investment, backed by Invest NI.

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Losses grow at Hinch Distillery as Co Down Irish whiskey maker suffers £2.8m hit
Invest NI’s support included £1.9m toward the construction of the distillery as well as plant, machinery and equipment.
The inaugural single malt whiskey releases launched by Hinch Distillery last year.
Accounts published by the whiskey business indicate it has been running at a loss since 2020.
The latest annual loss came during a challenging period for the island’s whiskey industry.
Rising production costs, increased competition and tariff uncertainty in the all-important US market, heaped pressure on many whiskey operations, with some of the biggest manufacturers opting to scale back or even pause production.
The 2025 accounts filed by Hinch Distillery suggest a reduction in output over the year, with its stock inventory dropping from £10.2m in 2024 to £9.2m last year.
That included £7.04m in ‘raw materials and consumables’ (down from £7.6m) and £2.2m in finished goods (down from £2.6m).
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The annual report also revealed the company has £21.9m falling due to creditors within one year, up from £12.9m the previous period.
However, the document suggests around £21.3m of that it owed to group undertakings.
That left the business with a £10m deficit in its profit and loss account.
Irish whiskey is considered one of the most capital-intensive and time-delayed business models in the drinks industry.
Spirit produced by distilleries must rest in wooden casks for a minimum of three years before crossing the legal threshold of becoming Irish whiskey.
Dr Terry Cross.
Despite the losses, Hinch has earned a growing reputation within the industry for producing award-winning whiskey at a competitive price point.
Last year saw Hinch launch its first widely distributed range of Irish whiskey entirely produced in its own Co Down distillery.
Alongside its own distillate, Hinch sells sourced Irish whiskey and produces Ninth Wave Gin.
Terry Cross (75) built his fortune by launching the Delta Print and Packaging company in Belfast during the 1980s before selling it Finnish packaging giant Huhtamaki in 2016 in a deal worth around £80m.
Dr Cross re-entered the packaging world in 2023 by investing around £47m in new Belfast packaging firm Biopax.
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