The circumstances that caused Cheyne Capital’s enforcement against Press Up have been well documented. What shouldn’t be lost, when the dust settles, is the positive impact that the group has had on Dublin.
The appointment of receivers to Wagamama, Elephant & Castle and Wowburger aims to deleverage Press Up and refocus it on its best Dublin venues. The plan makes sense, but it's a tough market to be moving restaurant assets.
British alternative lender Cheyne Capital is owed €45m by companies within the wider Press Up hospitality group. It has now installed accountants from KPMG as receivers over three of the group’s restaurant chains.
Paddy McKillen Jr and Matt Ryan packaged the trading and property assets behind their hospitality group in a way that let them maximise debt and manage risk, but there were downsides too.
Paddy McKillen Jr and Matt Ryan had the foresight and the application to invest when few were prepared to. This didn’t make them infallible. But as Press Up moves to its next phase with Cheyne Capital, it is worth remembering that.
The co-founders of Press Up group are no longer directing day-to-day operations. Instead, its lender has sent in a close-knit group of advisors.
Cheyne Capital has sent in senior experts to turn Press Up around. A forensic investigation of the hospitality group's financial structures examines if there is still time.
Businessman Paddy Doherty quietly made a fortune founding the Electro Automation Group. In April he bought his first gastropub in suburban Dublin, and now he is buying a second.
Accounts filed for the Workman’s Club give an insight into the performance of well-known bars, primarily in Dublin, including Peruke & Periwig on Dawson Street, Mary’s Bar off Grafton Street, and the Workman’s Club in Temple Bar.
The group, controlled by Paddy McKillen junior and Matt Ryan, is one of the country’s largest hospitality operators. It has filed accounts for three companies that offer an insight into the performance of its hotel interests.
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