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Full coverage: Press Up

McKillen Sr companies provide indemnity for Press Up refinance

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 Hubert
9th Oct, 2024 - 3 min read

Press Up fallout: Disposals accelerate as restaurants shut and pubs leave group

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.

Thomas Hubert
25th Sep, 2024 - 3 min read

Press Up fallout: McKillen Jr and Ryan raised the bar for hospitality in Dublin

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.

Stuart FitzGerald
21st Sep, 2024 - 4 min read

Saving Press Up: Stabilising, then offloading restaurant chains is the next logical step

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.

Thomas Hubert
19th Sep, 2024 - 4 min read

Receivers appointed to Wagamama, Wowburger and Elephant & Castle restaurants

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.

T. Lyons and T. Hubert
18th Sep, 2024 - 2 min read

Debt, risk and transparency: Why Press Up’s company structure is so convoluted

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.

Thomas Hubert
17th Sep, 2024 - 4 min read

Businesses and buildings don’t just come from the ether. People like Paddy McKillen Jnr created them

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.

Tom Lyons
14th Sep, 2024 - 4 min read

Owed over €45m, Cheyne Capital has installed a team of restructuring veterans at the Press Up group

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.

T. Lyons and T. Hubert
13th Sep, 2024 - 4 min read

How 200 companies and 700 documents tell the story of the fallen star of Irish hospitality

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.

Thomas Hubert
13th Sep, 2024 - 21 min read

A Donegal businessman is acquiring Ashton’s in Clonskeagh as Press Up disposals continue

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.

Tom Lyons
18th Jul, 2024 - 2 min read
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