Capital Bars sell for far in excess of their guide price
FOUR of the best known pubs in the centre of Dublin have been sold in a deal worth €15m.
The Capital Bars portfolio was made up of Café en Seine, The Dragon, The George and Howl at the Moon.
The properties were purchased as a portfolio by Ardan Advisory Limited, a wholly owned subsidiary of Danu Investment Partners Limited, an investment holding company.
Danu, which is controlled by is owned by Michael O'Rourke, Leonard Ryan and Mark O'Meara holds investments in a number of businesses, including Setanta Sports, Mauritius based provider of business process outsourcing services Servecall, and SW Hospitality Limited which operates the Smith & Wollensky restaurant brand.
Ardan have joined up with Ray Byrne of Splash Hostility, who will oversee the management of all the properties on a day-to-day basis. Mr Byrne's firm have been managing the pubs for some time.
CBRE had been retained as agents for the sale, which was carried out on the instructions of receiver Pearse Farrell of Duff & Phelps and Liam and Des O'Dwyer.
The properties were offered for sale in one or more lots with each of the four properties, occupying prominent trading positions within the prime entertainment and business area of Dublin 2. The four properties provide a combined annual gross turnover in excess of €13.5m and "considerable" scope to expand and exploit the trading potential.
CBRE's John Ryan said the portfolio had seen "exceptional interest both nationally and internationally".
"The opportunity demonstrated the huge appetite for well-located licensed premises as it provided publicans and other investors with an unique opportunity to acquire prime city centre licensed premises," he added.
One of the iconic Dublin bars during the boom, Cafe en Seine was seen as the flagship of the portfolio.
The premises, which extends to over 1,300 sqm, still has a "substantial" turnover and has been an integral part of the social scene of Dublin for many years. The property is held under a leasehold title. Howl at the Moon on Mount Street Lower stretches to around 1,100 sqm.