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Mackmyra files for bankruptcy
Swedish distillery Mackmyra Svensk Whisky has announced that it has filed for bankruptcy, with the board of directors stating that it is “not possible to continue the company’s operations”.
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The brand supposedly started in 1999 when a group of eight whisky-loving friends on a skiing holiday asked the question “why are there no whisky distilleries in Sweden?”
Mackmyra, named after the village where the original distillery was located, relocated to a new, gravity distillery in 2011. Total production capacity was around 2.4 million bottles, and single malts formed the core of the output. Mackmyra also had a warehouse of whisky on a small island near Stockholm which it was promoting as a tourist destination.
The company also recently partnered with Microsoft and Finnish tech consultancy Fourkind to create the first AI-generated blend. Mackmyra also announced that, as of 15 August, it has relaunched in the UK with Summerton Whisky Club as its distributor.
However, in spite of these developments, today (19 August) the distillery has filed a bankruptcy petition to Gävle District Court.
In a statement, chairman Petter Ski said: “It is with great sadness that we must state that it is unfortunately not possible to continue the company’s operations. The company management and board have struggled hard to come to terms with the company profitability and cash flow. Despite the fantastic work of both staff and management, it is still not possible to continue.”
“Since I took over as chairman of the board just over a year ago, my focus, together with the newly appointed management and the Board, has been to find a long-term solution for Mackmyra, but I am forced to conclude that time has not been enough,” Ski continued. “I sincerely hope that the bankruptcy trustee now has the chance to do something constructive with the values in the company and secure the Mackmyra brand and its 25 year history.”
The company’s Q1 2024 results revealed that revenue was down by 13% compared to the same time period the previous year, dropping to 14.6 million Swedish Krona (around £1m).
Acting CEO Patrick Björsjö added that this turn of events was “regrettable”, and noted the unfortunate timing: “The sentiment is naturally heightened by the fact that this is happening during the company’s 25th anniversary and at a time when we were truly on track to steer the company’s trajectory towards profitability and a bright future.”
The ownership and management of Mackmyra Svensk Whisky is now with the bankruptcy trustee.
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