Carluccio's plans new outlets after buyout
Published 26/10/2013 | 01:00
Carluccio's, the Italian restaurant chain, has bought out its franchise in Dublin, clearing the way for its parent company to open up six new outlets here.
Simon Kossoff, Carluccio's chief executive, said: "We've always had expansion plans in Ireland but the franchisees were unable to take that forward."
Mr Kossoff said he hoped to open new stores in Dublin, Cork and Belfast over the coming years using its own resources. He declined to comment on how much Carluccio's Ireland Ltd, which has accumulated losses of over €3m, was acquired for.
The move to buy out its franchisee secures more than 50 jobs in its restaurant on the corner of Duke Street and Dawson Street in Dublin.
Carluccio's said it planned to invest €250,000 in revamping its restaurant in the next few weeks before reopening in November.
The decision by Carluccio's parent company to take over its franchise crystallises heavy losses for its Irish backers. The building that houses the store was placed into receivership by Bank of Ireland with accountants Kavanagh Fennell recently, on foot of debts of €20m.
Investors in the building include Dermot Gleeson, the former AIB chairman; Alison Rohan, who worked with the National Asset Management Agency as a senior executive; and financier Deirdre Foley.
Peter Murray, the former chairman of Anglo Irish Bank, as well as businessmen Ronald Bolger, Philip Ryan and Stephen Quinn are the directors of the Irish franchise.
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