Killarney brewery sale row as international bidder claims €5.85m offer overlooked

International investor raises transparency concerns after claiming higher bid for former brewery site was overlooked in contested sales process

The Killarney Brewing and Distilling company in Fossa, Killarney Pictures: Don MacMonagle

A prospective international buyer of the building that housed the former Killarney Brewing and Distilling (KBD) Company has lodged formal complaints against the estate agents and company receivers for their conduct during the sales process for the landmark Kerry property.

Chief executive of the South African investment and brand development firm, The Renewal Group, Tony McKeever, first registered the group’s interest in buying the property in the summer of 2025 and has since raised “serious procedural concerns” regarding Cushman & Wakefield Cork.

It is understood the international group, which outlined plans to continue selling KBD’s original product range in addition to its own botanical and crème liquor drinks, made a final offer of €5.85m for the Fossa site.

Despite this, Mr McKeever said this “superior offer was not meaningfully advanced or engaged,” with “no adequate explanation provided for the preference of a lower bid”. 

“Instead, the process appears opaque, procedurally flawed, and prima facie inconsistent with the duties owed by appointed agents and receivers,” Mr McKeever said in an email to Cushman & Wakefield.

The receivers, PwC, responded to Mr McKeever, saying it was “satisfied with the sales process and the outcome of same," adding here was “no basis whatsoever" for his complaints against PwC or Cushman & Wakefield.

The 5,760sq m premises at Kilakee, Fossa, which housed KBD before it entered liquidation last year, were put up for sale via joint agents Cushman & Wakefield and Tom Spillane & Co in October, guiding in excess of €5.5m for the brewery on behalf of Michael O’Regan and Declan McDonald, who are receivers at PwC. Peter O’Flynn and Killian Spillane are handling the sale for Cushman & Wakefield.

KBD’s story began in August 2013 when it was founded by Paul Sheehan, Tim O’Donoghue, and Liam Healy, who set out to develop a craft brewery and restaurant in Killarney.

Trading officially commenced in 2015, and just three years later, the company was already formulating an expansion plan to create a larger brewery, distillery, and visitor experience on the back of soaring demand and a series of successful investment rounds.

However, the construction phase was heavily disrupted by the pandemic, with related costs skyrocketing as a result, amounting to significant overspends.

A final bid to save the company in 2025 amid growing trading losses was unsuccessful when a deal with a US-based private equity investor group fell through.

Interim examiner appointed

An interim examiner was appointed to the company shortly after, followed by liquidation.

Among The Renewal Group’s plans for the site were a vision to transform KBD into a “globally recognised premium craft beer and spirits platform”, which also included the expansion of a botanical-infused gin and vodka portfolio, the launch of four vegan, dairy-free crème liqueurs and the introduction of a 0% ABV product line.

In a complaint to the Property Services Regulatory Authority (PRSA), seen by the Irish Examiner, Mr McKeever listed several issues regarding Cushman & Wakefield, including a failure to ensure a transparent and fair sales process, failure to achieve the best price reasonably obtainable, and a lack of proper communication.

“There are credible grounds to believe that offers were not properly assessed or that a lower or less advantageous bid was accepted without adequate justification,” the CEO said.

Mr McKeever also complained about prejudicial and exclusionary behaviour, stating the estate agent insisted the group do a site visit of the property to proceed with the group’s bid. He also said the group was “shut out” of the official sale website for the property.

In a separate complaint filed with Chartered Accountants Ireland, Mr McKeever raised concerns about the conduct of PwC and its role in overseeing the receivership and associated sales process of KBD.

In it, he cited concerns regarding professional standards, ethical obligations, and oversight failures by the professional services firm.

In an email to Michael O’Regan, one of the receivers at PwC, Mr McKeever said the responses of Cushman & Wakefield have, “at times, been evasive and overtly hostile, falling well below the standard expected in a competitive and professionally managed sales process of this nature”.

He said “in the absence of a satisfactory and immediate response, we will have no alternative but to proceed with an application to the High Court seeking to restrain any purported sale or steps toward completion.” 

In an email to Mr McKeever, seen by the Irish Examiner, Mr O’Regan said PwC was “satisfied with the sales process and the outcome of same".

“There is no basis whatsoever for your complaints against us or our sales agents.” Mr O’Regan added Mr McKeever had “absolutely no grounds to threaten any action in relation to the sale and any attempt to do so will be defended accordingly, including holding you to account for any costs incurred”. 

Both Mr McKeever and Simon von Witt, The Renewal Group’s master distiller, who would have spearheaded the investment firm’s plan for the site, are Irish passport holders. The pair also said they would both move to Ireland from South Africa if the group’s bid for the Killarney property was successful.

Another bidder for the landmark property was local pub owner and cattle exporter Mark Hallisey. The Kerry native, who owns the Golden Nugget bar and restaurant in Fossa, bid €5.7m for the property, but was told last week his offer was unsuccessful.

In addition to a career in botanicals and biopharma through The Renewal Group, Mr McKeever has also held various positions in South African Rugby, aviation, and consulting for several multinationals.

In 2021, Mr McKeever was arrested and charged with fraud stemming from his involvement in allegedly selling shares he did not own or control for Umuthi Healthcare Solutions plc, resulting in a failed listing on the London Stock Exchange (LSE).

The charges against Mr McKeever were dropped and the case was dismissed after a police colonel investigating the case was charged with accepting a bribe as part of a scheme to extort shares from Umuthi, under threat of sabotaging the company’s listing on the LSE.

Speaking to the Irish Examiner, a member of former senior management of KBD said Mr McKeever’s offer should have been properly considered.

“Tony McKeever contacted KBD very early on and was extremely keen on continuing the legacy of the company.

We told him that he would have to go through the selling agents and receivers. But communication was handled horrifically, and Tony was left completely in the dark. It has left doubt in my mind about the entire sales process.

“The role of Cushman & Wakefield is to get the highest price possible, and we want that for our creditors.” 

Bid from Kerry pub owner

Another bidder for the landmark property was local pub owner and cattle exporter Mark Hallisey. The Kerry native, who owns the Golden Nugget bar and restaurant in Fossa, bid €5.7m for the property, but was told last week his offer was unsuccessful.

Mr Hallisey said he was repeatedly told by his solicitor he was the highest bidder, despite The Renewal Group claiming to have bid €5.85m.

Speaking to the Irish Examiner, Mr Hallisey said Tom Spillane, one of the joint agents handling the sale of the KBD site, confirmed to him on Monday, April 20, they would be going for a lower bidder who had full cash funds.

It is understood the lower offer came from an international bidder. The successful buyer of the former KBD site has not been announced.

A spokeswoman for Chartered Accountants Ireland said the body did not comment on complaints that may or may not have been received.

A spokesman for the PSR said the authority did not comment on individual complaint cases.

Cushman & Wakefield declined to comment when contacted by the Irish Examiner.

Selling agent Tom Spillane and PwC did not respond when contacted.