Experienced private company and tax accountant Mike Gaffney has joined the board of the Dublin-centred hospitality group formerly known as Press Up.
The full financial picture of the heavily indebted Dean Hotel Group at the time of its majority acquisition by international investors is now available.
The former beef executive, who went on his own five years ago, had so far invested his own money in food and hospitality businesses.
The upmarket Dublin venue on South William Street is owned by Frank Gleeson, whose nearby restaurant The Green Hen went into liquidation earlier this year.
Hopfully Brewing Co and the company behind the Urban 8 restaurant have both appointed process advisors under the Small Companies Administrative Rescue Process.
Feeling undervalued by investors and requiring more capital to fuel its ambitious growth plan, Ireland’s largest hotel group has triggered a strategic review. It is the latest twist in a company formed from the embers of Ireland’s financial collapse.
After making his fortune in the Electro Automation Group, Paddy Doherty has added a second pub along the south coast of Dublin to his interests.
Warehoused debt, rising costs and the withdrawal of pandemic supports all contributed to the end of a well-loved Dublin establishment. Now a new venture is eyeing up the city-centre lease.
The Press Up Group, which was taken over by Cheyne Capital last year, is planning to rebrand. It also hopes to grow by acquisition and by opening new venues.
About 30 staff in the venue have been told the pub is closing immediately with all entitlements and creditors paid. The bar has planning permission for 30 bedrooms.
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