Dublin's Gaiety theatre is up for sale once again, after its owners, British group Break for the Border, indicated it was open to offers for the theatre and night club space.
Break for the Border bought the Gaiety for almost £3 million, 18 months ago and although the theatre - now one of Dublin's main music venues - is profitable, it is to be sold off as part of a move by Break for the Border to concentrate on its pub and restaurant business.
The company acquired the 126year-old theatre, which is a grade one listed building, from Mr Gerry O'Reilly in January, 1996, in a deal worth £2.8 million .
The Gaiety had a small loss in the three months following its acquisition but has been profit-making ever since. The theatre's director, Mr John Costigan, said the offer of the 1,116-seat venue was due to the parent company's overall strategy and not the theatre's fortunes, which had dramatically improved. "Lisney's has not got a sign outside the door. However, if someone does make an offer that is worth considering, they will consider it," he said.
The Gaiety, which employs 50 people, including casual and full-time staff, is a venue for the Dublin Theatre Festival, Opera Ireland and the Rathmines and Rathgar Musical and Dramatic Society.
It also has an annual pantomime programme which runs for up to 10 weeks and a multiplestage mambo live music club every weekend.
e en Seine premises on Dawson Street. Break for the Border also owns Major Tom's, Sinnotts and the Grafton Plaza Hotel, as well as its own-brand restaurant/nightclub venue. Its board announced yesterday that "the group should divest itself of its noncore activities, initially by seeking a buyer for its music/theatre division...". Mr Roger Beaumont, group managing director at Break for the Border, said that one of the group's founders, Mr Ian Howard, was pursuing an offer for the music/theatre division, which could include the Gaiety.
Alternatively, it was open to bids from other parties. "It is fair to say that if we got a good offer for it, we would think about it," he said.
Mr Howard, who resigned from the board as group chief executive, is preparing an offer for the Shepherd's Bush Empire, which holds 2,500 people; the Brixton Academy, which holds 4,500; and a Birmingham "futuristic" cinema, Mr Beaumont said. Last month, Break for the Border announced preliminary results for the year to March 31st, 1997, with pre-tax profits up from £1.1 million sterling to £1.8 million. The company said that the Gaiety "performed significantly ahead of expectations", although current trading was "below our expectations".
Mr Costigan said that this referred to a drama production, Taking Steps, which had underperformed at the box office earlier this year. Last April, Break for the Border announced a £3 million sterling (£3.3 million) share issue to fund the expansion of its bar/restaurant business. In Britain, there are two Break for the Borders in London and a third will open in Leeds in the new year. The company also owns Lawson Beaumont, an events catering business, with bases in London, Leicester and Nottingham.
