Receiver sells landmark pubs in Waterford for €4m
Published 25/06/2010 | 05:00
TWO of Waterford's most popular nightclubs and bars have been sold by the receiver Simon Coyle of Mazars.
Well-known Carlow publicans the McLaughlins, of Dinnri Bar fame, are believed to have paid more than €4m for Ruby's Night Club and Lounge, The Woodman Bar, Muldoon's Pub as well as Oxygen Night Club. The €4m-plus price is well below the €5m to €6.5m valuation last year.
Bank of Ireland appointed Mr Coyle as receiver to the two pubs and nightclubs after the High Court rejected a rescue deal put forward by the Tweedy family.
Bob Tweedy operated two other Waterford night spots, Ten/Electric Avenue and Masons. Another receiver appointed to Masons decided to seek a tenant rather than sell.
John Rohan, of Sherry FitzGerald, said the properties also occupy landmark positions at two pivotal junctions in the centre of the city's entertainment district.
"We experienced tremendous interest. Given the fact that Waterford is home to the largest Institute of Technology in Ireland, outside Dublin, we were not surprised at the level of interest," he added.
The Tweedy Group employed 160 people full-time and part-time.
At the time the pubs got into financial difficulties Mr Tweedy blamed the economic downturn. It was also reported that the group had debts of up to €10m.