New financial information for the core part of the hotel business now separated from Press Up reveals both strength and the need for its eventual refinance.
The Bray Central shopping centre and entertainment venue is the latest property to face enforcement by lenders to the property arm of Paddy McKillen Jr's business.
Receivership and legal action mark the latest developments in Paddy McKillen Jr’s debt challenge.
The deal will help Paddy McKillen Jr reduce his debt exposure and provides the retailer with a valuable mixed-use development opportunity.
The property developer’s central Irish holding entity has agreed to guarantee part of the liabilities being restructured by his son’s hospitality business with lender Cheyne Capital – for a fee.
Thomas Rody Mahers’s and Ashton’s pubs no longer operate as part of Press Up and Wagamama restaurants are closing down with immediate effect – though some may reopen.
The Dean Hotel Group runs prime hotels in Dublin, Cork, Galway and Athlone. It is expanding into Belfast and Birmingham too. Now it is set to sell a majority stake in the business to a legendary US investment firm and a UK hospitality specialist.
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