AN INTERIM examiner has been appointed by the High Court to the Thomas Read group of companies, which operate some of Dublin's best-known bars and restaurants. The firms have combined debts of more than €26 million and employ in excess of 400 people.
Mr Justice Brian McGovern yesterday appointed Kieran McCarthy of Hughes Blake accountants as interim examiner to Sharmane Ltd and 14 related companies, known as the Thomas Read group of companies. The petition for examinership was brought by Guerneville Ltd, the parent company of the group.
The Thomas Read group of companies operate 22 bars and restaurants in Dublin city, Dublin airport and Dún Laoghaire. The directors of Guerneville are Alan Kennedy, Simon Kelly, Paddy Kelly and Mark Leavey.
The outlets are: the Bailey, Duke Street; Searsons, Baggot Street; the Winding Stair, Ormond Quay; the Globe, South Great Georges Street; Rí Rá, South Great Georges Street; the Harbourmaster Bar, IFSC; Thomas Read, Parliament Street; Pravda, Liffey Street; Floridita, Abbey Street; Dawson Lounge and Ron Black's, both Dawson Street; Thomas Read, Smithfield; Lincoln's Inn, Lincoln Place; Bodega, Dún Laoghaire and eight bars at Dublin airport.
Gary McCarthy for Guerneville said protection was being sought as Sharmane was unable to pay its debts or likely to be unable to pay its debts. The firms had an excess of €26.7 million liabilities over assets. If wound up, there would be a debt of some €38 million.
Mr McCarthy said independent accountant Alan McClean said the companies had a reasonable prospect of survival, provided certain conditions were met.
He said they had inherited a historical debt when the owners of the group bought it from the O'Regan group in 2005, and the companies had been affected by the economic downturn. However, the core business was strong and most subsidiaries in the group were trading on a solvent basis.
Mr McCarthy said Diageo Ireland, Heineken Murphy Breweries and Britvic C&C were among the largest creditors. The group's banker creditors included ACCBank, owed more than €15 million; Ulster Bank, owed €5.6 million; Allied Irish Bank, owed €3.5 million; and Anglo Irish Bank, owed €597,000.
In documents to the court, it was stated that a number of creditors had taken steps which had caused concern to the Thomas Read companies. It was stated that agents for Trinity College Dublin, which owns the Lincoln's Inn premises, had sought to re-enter the premises earlier this month.
After hearing from counsel, and on the basis of the documents presented, Mr Justice McGovern said he was satisfied to appoint Kieran McCarthy as interim examiner, and he returned the matter to Thursday next.
