Cafe Mao goes into receivership as downturn bites
Published 02/07/2010 | 05:00
THE Cafe Mao chain has become the latest dining casualty of the recession, with AIB sending in a receiver in recent days.
The bank declined to comment last night, but receiver Ken Fennell confirmed he plans to keep trading the trio of Dublin restaurants.
"They're still open under the same management," he said, adding that the ultimate plan is to sell off the business.
Cafe Mao began with one Chatham Street outlet almost 13 years ago, and later added branches in Dundrum and Dun Laoghaire.
The chain's founder Graham Campbell recently described how he'd "cut prices to the bone", including a €12.95 lunch deal, to keep trade up.
The most recent Companies' Office filings for Cafe Mao show the firm had bank borrowings of close to €2m at the end of 2008.
Allied Irish Banks declined to comment on whether the borrowings remained at that level.
The 2008 figures also chart losses of about €150,000 for that year -- the chain's performance during 2009, when the recession took its biggest toll on consumer spending, is still unclear.
Meanwhile, Anglo Irish Bank has installed a receiver at Pat Moore Builders, in a bid to recover loans believed to total more than €16m.
In its most recent accounts, Pat Moore Builders describes how Anglo "assisted" it in investing "heavily in land banks" during the five years to 2009.
The company had loans of more than €16m outstanding at the end of its April 2009 year, as well as working capital loans from ACC. Anglo appointed receiver Simon Coyle of Mazars on June 29.