Bar owners in bid to stop IBRC selling loans
A BUSINESSMAN and two companies who own or control several Cork pubs have initiated a court action aimed at preventing Irish Bank Resolution Corporation (IBRC) selling their loans to NAMA.
Brendan McCabe said his companies, which employ 255 people, are the largest pub group outside Dublin and their bars are amongst the best performing in Cork city with a turnover of about €12m annually. The bars are Bodega at Peters Market, Cornmarket Street; Sin E, Coburg Street; The Oval, South Main Street; Crane Lane, Phoenix Street, The Mutton Lane at Mutton Lane, and Arthur Maynes, Pembroke Street
In an affidavit in the High Court, Mr McCabe said he is concerned IBRC is considering selling their loans to NAMA prior to the hearing of his action against IBRC alleging overcharging of interest and the mis-selling of derivatives dating from 2006. Under derivative agreements, the aggregate amount of indebtedness of the two companies was about €18m, he said.