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This one whiskey distillery can thank its lucky stars, as it has just been saved from bankruptcy and closure. And lucky for us too, since they have award-winning product.
Whiskey Hollow was once considered the “Alamo on steroids” for its award-winning whiskey distillery. But when the North Texas-based company faced financial troubles due to over-expansion and the pandemic, they declared bankruptcy – until now. Recently, a $6 million bailout has given Whiskey Hollow a second life with new leadership.
The once-famous Whiskey Hollow Distillery in North Texas has been given a second chance to serve customers thanks to a $6 million bailout from Pals WH Holdings LLC. After struggling through the pandemic and over-expansion, the distillery declared bankruptcy but is now being saved from total ruin by new leadership.
This is great news for those who have enjoyed the distillery’s double-oak barreled, $150-a-bottle Texas Gold bourbon made with handcrafted copper stills.
The deal includes all land improvements, machinery, vehicles, inventory, ingredients, finished goods and intellectual property associated with Whiskey Hollow’s award-winning bourbon made in their 38 foot copper still handcrafted by founder Les Beasley himself.
Unfortunately for fans of other liquors created by Beasly such as Frosted Star Vodka or Bartners Well Vodka these are not included in the deal.
Pals WH Holdings LLC provided a deposit of $250,000 toward the purchase of Whiskey Hollow along with Kevin Lange as President. He is an Austin based financial adviser and owner of Legacy One Financial Advisers, which specializes in wealth management.
Although there were internal obstacles that put pressure on the company such as property taxes and losses accumulated from turning alcohol into hand sanitizer, fans don’t need to worry about saying goodbye just yet.
Not all liquor companies have been so lucky during these trying times. Underground Cellar experienced chaos between both customers and investors after filing for Chapter 7 bankruptcy leading to their closure after 127 years in business.
Coors CEO announced plans to develop nonalcoholic beverages for consumers as its rival company’s sales continue to decline while another Kentucky based coffee company released a new coffee inspired liquor line looking to join the industry soon.
