THE HIGH Court has made orders winding up four companies in the Thomas Read group of pubs on grounds they have no reasonable prospect of survival.
Ms Justice Mary Finlay Geoghegan yesterday granted an application by Kieran McCarthy, examiner to the group, to appoint a liquidator, chartered accountant Anthony Weldon, to the four companies: Eatoncroft Ltd, Jestdale Ltd, Kadaran Ltd and Topart Ltd.
The firms are understood to operate the Life Bar, Irish Life Mall, Abbey Street, Dublin, Bodega in Dún Laoghaire and Thomas Read’s in Smithfield, Dublin.
The judge also yesterday extended court protection for the other nine companies in the group to March 6th to facilitate the finalisation of survival proposals.
All 13 companies, owned by Sharmane Ltd, the parent company of the Thomas Read Group, have combined debts of €26 million but most are trading profitably, the court heard. The group employs more than 400 people.
The largest secured creditor is ACC Bank, which is owed €15.2 million, while the Revenue Commissioners are owed €2 million; Ulster Bank is owed €5.6 million; AIB is owed €4.6 million; Diageo Ireland is owed €1.1 million and Lombard Ireland is owed €1 million.
The pubs in the group are: The Bailey, Duke Street; Searsons, Baggot Street; the Winding Stair, Ormond Quay; the Globe, South Great George’s Street; Rí Rá, South Great George’s Street; the Harbourmaster Bar, IFSC; Thomas Read, Parliament Street; Pravda, Liffey Street; Floridita, Abbey Street; the Dawson Lounge, Dawson Street, Ron Black’s Dawson Street; Thomas Read, Smithfield; Lincoln Inn, Lincoln Place; Bodega, Dún Laoghaire, and eight bars at Dublin airport.
