Friday 23 February 2018

Busy city pub beats bid to bring in receivers

Flannery's on Camden Street, Dublin
Flannery's on Camden Street, Dublin

Aodhan O'Faolain and Ray Managh

THE pints were flowing as usual at the popular Dublin pub Flannery's on Arthur's Day after its owners went to the High Court to stop a hedge fund appointing a receiver to the business.

The owners, Camden Street Investments Ltd (CSI), moved to stop the legal shut-out ahead of the anticipated busy pub night and also tomorrow's All-Ireland hurling final replay between Cork and Clare.

It was granted a temporary order by Mr Justice Sean Ryan stopping Vanguard Property Finance Ltd placing the pub and premises into receivership.

Five years ago, a consortium agreed to pay €14.5m for Flannery's and two other properties on Camden Street.

The court heard Vanguard had acquired a €13m loan given to CSI by Bank of Scotland to purchase the premises in 2008.

The pub was described as a profitable business with an annual turnover of more than €4m, and 40 staff employed.

Earlier this week, Vanguard claimed CSI had defaulted on the loan agreement.

Barry Mansfield, counsel for CSI, told Judge Ryan they were prepared to lodge money in court equal to the amount of arrears sought by Vanguard.

Irish Independent

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