Interim examiner appointed to firm that operates Dublin cafes and gastropub
The High Court has appointed an interim examiner to a company that operates a restaurant, several cafes and a gastropub in Dublin.
At the High Court today, Mr Justice Senan Allen said he was satisfied to appoint experienced insolvency practitioner Neil Hughes of Baker Tilly Accountants as interim examiner to PBR Restaurants Ltd with a registered address at Dalkey in Co Dublin.
The court heard that the company got into difficulties due to cash flow pressures, the cost of funding short term loans and a breakdown in the relations between the company's directors.
The firm, which is currently insolvent, employs over 80 full time and part-time staff. Its businesses include 'Kelly and Coopers' gastropub in Blackrock, 'Ouzos' in Dalkey, 'Fish Shack' in Dun Laoghaire's East pier.
It also operates cafes at Malahide, Parliament Street, Dublin 2, and at Sandycove.
The court heard that an Independent expert had stated the firm has a reasonable prospect of survival as a going concern if the examiner can put together a scheme of arrangement with the company's creditors.
The firm's creditors include Revenue which is owed €302,000.
The application to have Mr Hughes appointed as the interim examiner was made by the company, represented in court by Ross Gorman Bl.
Counsel said that it is envisaged that the interim examiner will take steps, including attempting to bring new investment into the company, to ensure the businesses survival.
Creditors, the employees and the company itself would do better in a successful examinership than if the company was wound up counsel added.
The matter will return before the court next month.
