Tweedy Group to be liquidated after failed examinership
Published 27/03/2010 | 05:00
WATERFORD's Tweedy Group of pubs and clubs is to be formally liquidated in early April following the collapse of an examinership attempt a fortnight ago.
Banks have already sent receivers into most of the key Tweedy companies and it is understood that all 10 venues will continue to trade despite the impending liquidations.
Creditors of the four main Tweedy companies -- Eylewood, Woodman, Cherryfox Taverns and Ulysses Taverns -- have been invited to wind up meetings on April 7, where Frank Wallace will be appointed liquidator.
Well-placed sources said unsecured creditors were "very unlikely" to recoup any of their debts since the banks have first call on the majority of the assets. The company's debts are estimated at €6.6m.
Bank of Ireland has already installed a receiver at Eylewood and Woodman, which between them include Muldoon's Late Bar, Oxygen Nightclub, Woodman Bar and Ruby's Nightclub.
Bank of Scotland (Ireland) meanwhile, has taken control of Ulysses Taverns, whose main asset is Ten nightclub. The banks are expected to begin sounding out potential buyers for the venues over the coming months.
The fourth company, Cherryfox Taverns, remains under the control of Tweedy Group owner Bob Tweedy. Cherryfox's main asset, Mason's Bar, is expected to continue trading, though its future company structure is unclear.