Lisney toasts deal with pub experts Morrissey's
Acquisition creates new force in pub, restaurant and hotel property market, writes Ronald Quinlan
One of Ireland's biggest estate agents, Lisney, has moved to expand its operations and its offering with the acquisition of Morrissey's, a long-standing market leader in the pub, restaurant and hotel property market, .
The deal, which concluded last Friday, immediately propels Lisney to the fore in the intense competition for sales in Ireland's hospitality sector. To date, Morrissey's has handled more than 1,000 licensed property sales and acquisitions. In Dublin alone, the agency has been involved in deals for the Palace Bar, Neary's, O'Donoghue's, McDaids, Searsons, The Brazen Head, The Bailey, The Submarine Bar, The Graduate, Judge Roy Bean's, The Coachman's Inn, Mount Merrion House and The Merrion Inn.
In 2017, Morrissey's handled the sale of 45pc of the pubs sold in the capital.
Morrissey's managing director, Tony Morrissey, grandson of founder Dan Morrissey, will join the board of Lisney to lead the agency's newly-created pub, restaurant and hotel division. While the Morrissey's team will move to Lisney's head office on Earlsfort Terrace in Dublin city centre, the business will continue to trade under the Morrissey's name. Clients of Morrissey's are being notified of the change in ownership and it is business as normal for transactions that are currently under way.
The acquisition brings the total number of employees at Lisney to more than 140 across its Dublin, Cork and Belfast offices.
"This purchase is a really good strategic and synergetic fit for Lisney and plays an important role in our expansion plans. It will give us a very strong presence in the licensed property market where there is real and exciting change occurring," said Duncan Lyster, managing director of Lisney.
"We pride ourselves on the quality of our people, and Tony along with his team brings with them a wealth of specialist knowledge as well as a loyal client following."
Tony Morrissey described the deal with Lisney as an "excellent way of securing the Morrissey's brand", and said that it would give the company extra strength to develop and expand.
He added: "We recognise the changing face of the hospitality industry and we acknowledge our clients' demands for advice beyond our niche speciality," he said. "I firmly believe this new relationship is one my late grandfather, father and late brother, Bill would approve of."
Morrissey's was established in Nenagh, Co Tipperary in the 1930s, by Daniel Morrissey, a senior politician for 35 years and a former Minister of Industry & Commerce. In 1946, the company moved to Dublin, encouraged by several prominent members of the Dublin licensed trade, where Dan was joined by his two sons, Tony and Liam.
Sunday Indo Business