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Pandemic Puts Distillery Into Foreclosure

Pandemic Puts Distillery Into Foreclosure

MAGGIE VALLEY, North Carolina (WLOS) – A Maggie Valley distillery is in foreclosure with its closed doors on June 10.

The owner of the raised mountain distillery in Maggie Valley said that the last two years had wreaked havoc. The owner of the mountain distillation raised in the Maggie Valley, Dave Angel, says that the pandemic’s heritage led to his foreclosure business.

“We thought things were starting to break. The problems of supply chain and all the challenges linked to the past have started to introduce themselves, which were still in a comfortable thumb, and we could not exceed it, “said Dave Angel, owner of the Eleved mountain distillery.

Angel had contracted an SBA loan in 2016 of more than a million dollars to start the business. He said things were fine, but his income took a big blow when the pandemic struck, making payments difficult.

“You spend spring, summer, and fall as a business owner in this community to prepare for the coming winter. And unfortunately, we had to spend the spring, summer, and last fall trying to repair the damage of the previous year, and we could not cover all of this, “said Angel. “We are closed at the moment.”

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The company is in foreclosure status, meaning other parties can bid on the property.

“Everything goes through the restructuring or the remodeling that occurs,” said Angel. “There are several people who are considering this property.”

Angel said it includes Bearwaters owners brewed in Canton. The second week of June also saw a new activity on the property.

“There has been a new offer,” he said.

But Angel does not give up trying to recover the company, teaming up with the investment team of the developer Frankie Wood – the same group interested in relaunching Ghost Town.

“Not only does our community believe in us and wants to see us here, but we have an investment team that believes in us and wants to see us here,” said Angel. “They are actively working to see what they can do to help us put us in service as soon as possible.”

They also submitted an offer. If their plan prevails, the distillery could return with a different name – and Angel is no longer the only owner.

“But he said, we will have absolutely the same spirit and heart as we have always had for our family and our community,” he said.

“What I am most proud that we have done in the past five years is not an award-winning whiskey or something like that. We collected more than $ 100,000 last year with a partnership with non-profit organizations that stayed here in Haywood County, “said Angel. “We have not finished trying to recover this business and recover it where it must be.”

The auction is open for another week, but Angel and his investment group also say they plan to make another offer next week.


Pandemic Puts Distillery Into Foreclosure

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