The original owners of Dublin's high-end food retailer Fallon & Byrne have left the business following the shock closure of a branch of the chain in Rathmines, Dublin, earlier this month.
An existing investor group, led by SuperQuinn veteran Frank Murphy and restaurateur Brian Fallon, a former president of the Restaurant Association of Ireland, will retain control of the chain.
They have committed to further investment to expand the main Exchequer Street store in Dublin city centre where planning permission has been secured for a three-storey extension.
In a statement the company said the investors had negotiated a deal with the original owners of the business, Paul Byrne and Fiona McHugh, that involved their departure from involvement in the business and from the board of directors. The couple held a 45pc stake in the firm.
Planning permission was granted this week for a 5,000sq ft extension of the Exchequer Street branch.
A Dún Laoghaire outlet of Fallon & Byrne will also continue to operate as normal.
Earlier this month the group shut its Fallon & Byrne restaurant and food hall in The Swan Shopping Centre in Rathmines, which had opened in 2017.
Fallon & Byrne was established in 2006 by the husband and wife team of Byrne and McHugh.
The couple recently opened an unrelated restaurant - Lenehans Bar & Grill - also in Rathmines.
In 2011 Fallon & Byrne entered examinership over its inability to pay a €1.4m tax bill. It emerged from the process in April 2012 with €1m of fresh investment.