Aer Lingus chairman and former AIB boss Mr Tom Mulcahy has bought a share in a pub that was sold this week for €7 million, one of the biggest deals of its kind this year.
The Irish Times learned yesterday that Mr Mulcahy is one of two partners who bought the Queens pub in Dalkey, Co Dublin.
The pub was withdrawn from auction last week after reaching €6.3 million. At the time, Formula One driver Mr Eddie Irvine was rumoured to be interested in the property.
The final purchase price is the second highest for a licensed premises bought in the State this year. In March. the Kestrel in Walkinstown, Dublin, sold for €7.3 million.
Mr Mulcahy, who is from Dalkey, bought the combined bar and restaurant in partnership with publican and businessman Mr Gerry O'Farrell, from the Castleknock area of Dublin.
Mr O'Farrell owns the Edenmore in Raheny, Dublin, and is understood to have interests in Scotland.
It is not known what percentage each man holds in the property. Mr Mulcahy was not available for comment last night. Mr O'Farrell confirmed that the former banker was his partner, but said he did not want to discuss the deal.
Mr Mulcahy stepped down as chief executive of AIB in July 2001 after seven years at the bank's helm. The following autumn he succeeded the late Bernie Cahill as chairman of Aer Lingus.
He was paid €1.2 million in salary and bonuses for 2000, his last full year of service at AIB Group. The following year he was paid a €507,000 salary, but lost out on a potential €190,000 bonus as a result of the Rusnak affair.
A month before retirement he bought 256,728 AIB shares at an option price of €4.17 and sold 168,810 for a cash profit of €940,000. The transaction left him with more than 460,000 shares in the bank, a stake which was at that point worth €5 million.
Mr Mulcahy (62) is originally from Carrick-on-Suir, Co Tipperary. Around the time of his retirement he held a number of non-executive directorships, including at technology company Fineos. He no longer serves on any AIB board.
