Full coverage: Press Up

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 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.

Receivership and legal action mark the latest developments in Paddy McKillen Jr’s debt challenge.

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 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.