The EIIS team are excited to announce that BAK Bulk Services, a leading provider of whiskey maturation facilities, has secured investment of €5 million. The Company has obtained €3.4 million from the Goodbody 2019 EIIS Fund and a further €1.6 million from the Goodbody 2020 EIIS Fund.
The investment will be used to fund the upgrade and expansion of the Company’s whiskey maturation facilities in County Louth. The Company provides these services to some of the largest distilleries in Ireland. Given the flammable nature of whiskey, the investment will also be used to ensure the site meets the highest levels of fire safety (COMAH) and health and safety regulations.
BAK Bulk Services Limited was founded in 2012 by Barry King and the Company originally specialised in the storage of coal and grain. In recent years, having seen the growth in the Irish whiskey and spirits industry, the Company saw an opportunity to specialise in whiskey and spirits maturation. This move into the drinks industry has been very successful, with the Company growing year-on-year.
“We are delighted to make this investment from the Goodbody EIIS Funds. We hope it will help BAK establish itself as a leader for whiskey maturation in Ireland. The management team have been a pleasure to work with during the investment process and we are confident they have the knowledge, expertise and support to grow their business” said John Summers, Investment Manager for the Goodbody EIIS Funds.
The Goodbody 2020 EIIS Fund is now seeking Investee Companies
The Goodbody 2020 EIIS Fund offers Irish Companies the opportunity to raise up to €5m in Capital under the Employment and Investment Incentive Scheme (“EIIS”).
The availability of funding for Small and Medium Enterprises (“SMEs”) has greatly diminished as a result of the COVID-19 pandemic. As the economy continues to deal with the new challenges the pandemic brings, there is an ongoing lack of credit for growing SMEs. We believe that there is a good opportunity in the market to provide EIIS funding to good quality Irish SMEs.
Mark Richardson, Investment Director for the Funds, explains, “EIIS is one of the few remaining income tax reliefs available to investors and represents a key element of effective financial planning. We are very happy with the progress of last year’s fund and are currently looking for investments for the Goodbody 2020 EIIS Fund.”
The Goodbody EIIS Fund is a joint venture between Goodbody Stockbrokers and Baker Tilly.
