The lease of the Bailey bar on Duke Street in Dublin 2 has been sold off-market to Michael Holland of the Fitzwilliam Hotel on St Stephen’s Green for slightly over €1 million. The freehold is owned by Marks Spencer, who have agreed to cut the annual rent by almost 50 per cent to around €200,000. The new operators are to upgrade the cafe-bar and broaden the range of food on offer.

The Bailey is part of the Thomas Read Group of bars and restaurants which has been under the control of receiver Martin Ferris of Ferris Associates for the past two years.

He is also close to agreeing terms on the disposal of the Lincoln’s Inn on Lincoln Place. Though terms have been agreed on the Dawson Lounge, it has yet to receive landlord approval. That issue is to be referred to the courts. Estate agent Morrissey’s is looking for a buyer for the Thomas Read and the Oak at the junction of Parliament and Dame streets. There is also renewed interest in Searsons of Baggot Street since the reopening of the Aviva stadium.