The company has also filed a change of registered office to a unit in Malahide, Co Dublin.
Files submitted to the Companies Registration Office show that Tamara Antonova (70) and Halyna Matiyash (73), two Ukrainian nationals living in Co Dublin, were appointed directors of Nephin Whiskey on February 3, 2024. On the same day, Co-founders Paul and Jude Davis, who are married, resigned as director and secretary. They are still shareholders.
Nephin Whiskey also filed a change of registered office to a unit in Malahide, Co Dublin.
During the last fortnights, the independent sunday attempted to contact an attorney who he was told represented Nephin Whiskey and several professional services firms filing documents for the company with the CRO, but received no response. Further attempts to contact the company and directors failed.
In 2013, Paul and Jude Davis shared their plans to open the whiskey distillery in Lahardane, Co Mayo, alongside Mark Quick. The following year, former taoiseach Enda Kenny announced the creation of the distillery, with a report in the Irish independent stating that production “should be operational by the end of 2015.”
High Court proceedings brought by Quick last year alleged shareholder oppression by Paul and Jude Davis under the Companies Act 2014.
Nearly a decade since plans for Nephin Whiskey were announced, the distillery building is still not finished. However the independent sunday understands that much of the team is already on site.
Nephin initially raised €4.5 million in equity financing and €1.5 million in loans for the establishment of its distillery in May.
However, Nephin’s progress stalled in 2020 when Covid-19 lockdowns came into effect and then a long-running dispute between the distillery’s founders ensued, with Paul and Jude Davis on one side and former director Mark Quick from the other.
The dispute, first reported in the Commercial publication iIn 2021, the direction the company was taking at that time was surpassed.
That year’s Nephin Whiskey AGM was delayed.
The dispute between the parties gave rise to cases in both the High Court and the Industrial Relations Commission.
High Court proceedings brought by Quick in 2021 alleged oppression of shareholders by Paul and Jude Davis under the Companies Act 2014.
Quick sought a series of orders, including that the couple sell him their shares or buy them. He alternatively wanted an order regulating the conduct of the company’s affairs.
The company said the next investment funds would come from two sources, an initial Immigrant Investor Program fund of 500,000 euros and a final tranche.
Quick also wanted the court to require Davis, as secretary of the firm, to call an Annual General Meeting and to be paid compensation.
The couple opposed the action and denied accusations of oppression.
The case was finally resolved in October 2022.
In Nephin Whiskey’s most recently filed accounts for 2021, the company said it was actively seeking further investment.
The whiskey firm said the next investment funds would come from two sources, an initial IIP (Immigrant Investor Programme) of €500,000 and a final tranche of financing.
However, the accounts indicated that the figure had not been agreed and was “subject to ongoing negotiations”.
Nephin Whiskey’s accounts also indicate how the pandemic had affected the company, including a delay in the commissioning of equipment from a supplier in Italy.
Without financing, “the company would hardly be in a position to continue marketing”
The company said it was committed to an investment of around €1.1 million at the balance sheet date, which was necessary to complete the installation and commissioning of the plant. This would allow him to start whiskey production.
However, as of the date of approval of the financial statements, Nephin said it had not obtained commitments regarding the required financing. He was confident that financing could be obtained.
Without the necessary additional funding, the directors said “the business is unlikely to be in a position to continue trading and meet its day-to-day expenditure requirements.”
The 2021 accounts show Nephin’s retained losses increased from €1.4 million to €1.6 million.
The company had fixed assets worth €4.3 million, the majority of which were plant and machinery worth €2.9 million and a lease valued at €1.1 million.
Nephin Whiskey also had current assets worth €431,700, made up of whiskey stocks worth €292,066, debtors’ debts worth €127,025 and cash worth €12,609.