Wednesday 24 July 2019

Press Up Entertainment set to 'keep going and growing' but IPO on hold

Landmark: Clerys’ O’Connell Street premises is set for redevelopment
Landmark: Clerys’ O’Connell Street premises is set for redevelopment
Ronald Quinlan

Ronald Quinlan

Developer and chief of Press Up Entertainment, Matt Ryan, has said he and business partner, Paddy McKillen Jr, have put their plans for an IPO on hold for now, notwithstanding the "huge interest" their investor roadshow attracted in the UK last year.

In an interview with online real estate portal, Bisnow, Ryan said: "It's not something we've become disinterested in but it's a tender market out there. It's not a bad market but the unknown is possibly scarier to some people than actually knowing something bad. If you do not know what to do, you're out gambling against two different possible outcomes. I don't like to gamble - I like to make decisions based on fact."

Ryan added that Press Up is "under no great pressure to do anything," with regard to a flotation, and said the company, which currently operates 42 food and hospitality venues across Dublin, would "keep going and growing".

While the businessman confirmed a recent Irish Independent report that he and McKillen Jr are engaged in a Europe-wide search for locations in a bid to establish Press Up's Dean Hotel brand in cities across the Continent, he was less forthcoming in relation to flexible workspace giant WeWork's decision to lease all 8,974 sq m (96,595 sq ft) of office space at Clerys' former O'Connell Street premises, following its redevelopment.

Asked for comment on this newspaper's report that WeWork has agreed heads of terms on the deal, Ryan said simply: "We talk to WeWork all the time; I think everybody does. They've got extremely energised people on the ground, talking. We've had very good dealings with them previously and hope to continue to, but there's nothing of note to talk about there."

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