One of Waterford’s largest bar and nightclub groups has been rescued by its owner Michael Shortt, after advanced a new €120,000 interest-free loan to the company. Avello Ltd, the company behind four prominent interlinked venues in Waterford called Heery’s Bar and Restaurant, Market Bar, Electric Avenue and a nightclub called Project, went into examinership last month. The scheme which was approved by the Circuit Civil Court means that the hospitality group’s largest single unsecured creditor, an alternative lender called Grid Finance which lent €83,000 to the business at an interest rate of 15 per cent only in March 2020, will…

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