Eight Degrees brewed €2.8m debt to Jameson producer ahead of sale to founders

The Co Cork-based craft beer brewery recorded a loss of nearly €867,600 in the year to June 30, 2023, according to the results. This contributed to a reserved loss of over €968,300.

The results showed Eight Degrees’ debt to Jameson-producer Irish Distillers, which global alcohol group Pernod Ricard owns, was €2.5m at the beginning of the financial year. However, by the end of the financial year the debt had grown to over €2.88m.

Scott Baigent and Cameron Wallace, who founded Eight Degrees Brewing in 2010, reacquired the business from Irish Distillers in December 2023 for an undisclosed sum.

In May 2018, Irish Distillers acquired Eight Degrees Brewing from Baigent and Wallace. Reports from the time suggested the acquisition was a “multi-million euro deal”.

Commenting on the results and the inter-company debt, Baigent said they predate the duo’s involvement in the business and that the questions would have to be addressed by Irish Distillers.

Irish Distillers said it sold the business in December 2023 and, therefore, had no comment.

Baigent said he had been re-engaging with customers since the acquisition. The Eight Degrees brand has plans to release new beers throughout the year, including a new beer within the next two weeks.