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.
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.
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