Saturday 20 January 2018

Irish fund takes stake in bars and restaurants

The Solas Bar at Wexford Street
The Solas Bar at Wexford Street

Paul O'Donoghue

The new owners of the former Solas Bar on Wexford Street in Dublin have spent €5m on a string of acquisitions.

The €2.4m paid for Solas, now renamed The Jar, was the biggest outlay by Global Village One, a fund backed by Irish firm Kilcullen Kapital Partners.

In Waterford the fund bought the Seanachaí Pub & Restaurant and Global Village also acquired a majority stake in two Irish bar-restaurants located in Prague in the Czech Republic.

The largest deal was for the former Solas Bar, inset, where a further €1m was invested in a complete refurbishment. The investment was made in partnership with the Loyola Group, led by Stephen Cooney and Brian O'Malley and is supported by AIB Corporate Banking.

Waterford's Seanachaí Pub & Restaurant, meanwhile, has operated since at least 1845 and hosted both Éamon de Valera and Michael Collins.

Kilcullen's chief executive, Colm O'Reilly, said the company's investments are part of "a broader strategy in the hospitality, casual dining and drinks industry sectors."

He added: "The fashionable funds tend to focus on emerging areas such as the technology sector, while in contrast the hospitality sector has been untapped and can be overlooked by traditional providers of capital."

He said they believed this "can result in excellent investor returns".

Irish Independent

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