Mark Reynier is no stranger to challenge. The man who resurrected Islay’s Bruichladdich Distillery and brought terroir to the forefront of whisky making is, once again, at a crossroads. Speaking to me in a personal capacity — this, he stresses, is not a statement from Waterford — Reynier reflects on the receivership of Waterford Distillery, the project he founded in 2015 and dedicated nearly a decade of his life to.

“Where’s my head at?” he begins. “It’s a spiral: despair, panic, fear, embarrassment. But you hit a point where a line is drawn, you can take a breath, refocus, and see clearly again.”

That clarity is evident as Reynier recounts the journey that led to Waterford’s current plight. “We borrowed to distil more than we needed, a strategic reserve, if you will — insurance against future crises. What I didn’t foresee was a global pandemic, a cost-of-living crisis fuelled by war, and soaring interest rates.”

Waterford launched its first bottles into the market on the eve of Covid-19 lockdowns in 2020 — a timing that Reynier calls “disastrous”. Shipments were stuck in warehouses, distribution stalled, and fledgling plans for a brand rollout unravelled.

Post-pandemic, the challenges mounted. “Rising energy costs, inflation, and interest rate hikes didn’t just hit consumers; they hit us. Interest payments became crippling. Our sales weren’t covering them. And in a young brand, you’re always playing catch-up — you don’t have the reserves of an established player.”

It wasn’t for lack of ambition or effort. Waterford’s ethos, rooted in transparency, traceability, and the pursuit of terroir in whisky, captivated an audience of enthusiasts. Its single-farm origin whiskies were used to scientifically show that barley’s growing environment impacts flavour — a revolutionary achievement in the whisky world.

Yet revolutionary ideas take time to translate into commercial success. “We had the foundations of a great brand, but foundations are invisible. They don’t bring in revenue,” Reynier laments.

For all the grand plans and innovative concepts, it’s the human impact that weighs heaviest on Reynier. “I’m sorry. I’ve let the team down — the ignominy, the humiliation — I carry that with me.”

But there’s steel behind the sorrow. Reynier’s sense of responsibility to Waterford’s staff, supporters, and the brand itself fuels his resolve. “This fight isn’t over. It’s a recalibration. The quality of our whisky, the integrity of our vision, they’re too good to let go. I’ll do my utmost to rescue Waterford.”

He likens the journey to constructing a building. “You spend years on the foundations, and it feels like you have nothing to show for it. But once you start building above ground, it can come together quickly. We’ve laid the groundwork for something remarkable, and I won’t let it disappear.”

Reynier is candid about the broader challenges in the spirits industry. “The market is brutal right now. Established players can afford to flood the market with cheap whisky to hit targets, but that breaks it for everyone else. Smaller players like us are left to pick up the pieces.”

Still, he’s quick to draw a line between Waterford’s fate and that of others. “Our timing was wrong. Launching before lockdown, the subsequent delays — it all compounded. If we’d had two uninterrupted years, we wouldn’t be having this conversation.”

So, what’s next for Waterford? Reynier is pragmatic about the immediate future. “Distillation will pause. That was always part of the plan if things went south — we have stock, a ‘war chest’ of whisky that can sustain the brand while we focus on sales and marketing.”

But beyond survival, Reynier envisions renewal. “The story isn’t over. Waterford’s whisky has proven something no one else has — terroir matters. And those values — authenticity, transparency, quality — are timeless. I’ll fight to see them through.”

As we conclude, Reynier’s determination shines through the personal weight of recent weeks. “This is my baby. The situation’s humiliating, sure, but the work we’ve done is too important to abandon. Waterford will rise again. I’ll see to that.”

Reynier’s voice cracks slightly as he delivers his final thought. “To our supporters, partners, my team — I’m sorry. But I’m not walking away. This fight isn’t over. It’s just the beginning of a new chapter.”

Poignant and resolute, it’s clear that for Reynier, the passion and fire remain. Waterford Distillery may be in receivership, but its founder is far from finished.