Whisky Manufacturer Goes Bankrupt

The threat of bankruptcy has been looming for a long time. Now it's a reality for Swedish whisky manufacturer Mackmyra. However, private customers who have reserved whisky barrels will not lose them, according to Patrick Björsjö, acting CEO.

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Whisky Manufacturer Goes Bankrupt
Photo: Alexander Larsson Vierth/TT

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The announcement comes as the company celebrates its 25th anniversary and affects around 30 employees at the operation outside of Gävle.

Extensive restructuring efforts, including significant staff reductions, have not been enough, and a bankruptcy petition is now being submitted to the Gävle District Court.

— It is clear that macroeconomic factors have had an impact, where household economy has been a significant factor when it comes to premium consumption, says Patrick Björsjö.

— But that is not the whole truth. We have had poor sales and struggled with a burden of poor financing and results.

Early on Monday afternoon, the court decided to declare the company bankrupt, writes Dagens industri.

As a result of the company being declared bankrupt, the shares have been delisted from First North with immediate effect.

Decisive factor

A decisive factor, according to Patrick Björsjö, was when the company's transaction bank chose not to extend the company's credit line.

If we had had that, we would likely have made it through this and the prognosis was to start making a profit next year, he says.

Mackmyra has as a business idea, among other things, offered its customers the opportunity to reserve their own whisky barrel, where the whisky will then mature in the company's storage facilities.

According to the CEO, there are currently "around 4,500 such reserved 30-liter barrels". The big question during Mackmyra's economic crisis has been what would happen to these barrels in the event of bankruptcy and whether private customers risk losing their investment?

However, it is unlikely, according to Patrick Björsjö:

— There is strong consumer protection in the Consumer Purchase Act, so there should be no reason to panic.

Do you have concerns about this?

— One always does, it's just a matter of being honest with oneself, but we have investigated this in connection with previous turns of events at the company, the customers' well-being is extremely important.

Hopes remain

This is also a decisive factor, notes Patrick Björsjö, as hopes remain to be able to continue operating the business. The hope is to eventually achieve a company reconstruction.

— If we succeed in finding a way, it is extremely important that trust in us continues. Everyone will work for that.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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