One of the leading names in not just Swedish or Scandinavian whisky but world whisky as a whole has recently filed for bankruptcy. On August 19th, the owners behind Mackmyra petitioned for bankruptcy at Gävle District Court.
Mackmyra was founded by a group of friends in 1999, becoming Sweden’s first producer of malt whisky. Not content with just this accolade, the distillery continued to be a pioneer in different fields with great success. A second distillery was built in 2011 that utilised gravity for much of the production process. Mackmyra have also experimented with AI-generated recipes to produce two blends.
Whisky from Mackmyra has long been held in high regard. They have won a number of awards for their releases and, in 2019, then-master distiller Angela D’Orazio was an inductee into the Whisky Magazine Hall of Fame.
Speaking on the bankruptcy, 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.”
He continued, 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.”
Issues with cashflow and profitability came to light earlier this year when Mackmyra posted figures showing that revenue was 13% for in the first quarter of 2024 compared to the same period the previous year. This accounted for 14.6 million Swedish Krone (approximately £1 million).
Sales for Mackmyra took a hit when their UK distribution deal with Craftwork ended towards the end of 2023. By March 2024, the distillery had suspended all sales to the UK.
At the beginning of August, Mackmyra announced a new distribution with Summerton Whisky Club. This would have included an updated core range centred around their Svensk Ek and Svensk Rök expressions.
When the deal was announced it was hoped that it would help take the brand to new heights in the UK. However this does not seem to have been enough to secure Mackmyra’s future, for now at least.
Acting CEO Patrick Björsjö bemoaned the timing of the bankruptcy announcement: “This is a regrettable decision, especially for our staff, our incredibly loyal customers, and ambassadors. 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.”
A bankruptcy trustee has recently been appointed and for the time being Mackmyra staff will not be able to comment further on the news.
While the future remains unsure for the Swedish pioneer, hopefully something can be worked out to save the distillery. As Petter Ski said in Mackmyra’s initial statement: “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.”
