THE EXAMINER of the Thomas Read Group, operators of 18 of Dublin’s best-known bars and restaurants, has asked the High Court to approve his scheme of survival for companies, rather than one proposed by the group’s largest creditor, ACCBank.
The examinership hearing was told that ACCBank, which is owed €15.2 million, wants the court to approve its survival scheme rather than that proposed by the examiner.
The group employs more than 400 people, and has combined debts of €26 million.
Nine of the original 13 companies under examinership are trading profitably.
Three other pubs have been wound up, and examiner Kieran McCarthy has told the court he believes adoption of his scheme offers a reasonable prospect of survival for the remaining companies, provided a number of conditions are met.
Yesterday, Lyndon MacCann SC, for the examiner, said his client had “bent over backwards” to facilitate ACC, including extending the bidding process to allow the bank make a bid for the group.
Among the group’s other creditors are the Revenue, which is owed €2 million; Ulster Bank (€5.6 million); AIB (€4.6 million); Diageo Ireland (€1.1 million); and Lombard Ireland (€1 million).
Former Kilkenny hurling star DJ Carey, on behalf of a company owed money by the group, complained to the court yesterday that his firm had been “poorly treated” since an examiner was appointed to Sharmane Ltd, the parent company of Thomas Read.
The intervention came when Ms Justice Mary Finlay Geoghegan was hearing submissions yesterday from the bank and the examiner on what type of survival plan should be put in place.
Mr Carey asked to address the court on behalf of his company which, he said, had “been very poorly treated in this matter”.
The judge said only a solicitor was entitled to address the court on behalf of a company, and she advised Mr Carey to speak to the examiner.
Mr Carey agreed to do so.
Thomas Read Group operates bars and restaurants in Dublin city, Dublin airport and Dún Laoghaire.
The directors of the group’s holding company, Guerneville Ltd, are Alan Kennedy, Simon Kelly, Paddy Kelly and Mark Leavey.
The companies operate 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, Dawson Street, Ron Black’s, Dawson Street; Thomas Read, Smithfield; Lincoln Inn, Lincoln Place; and eight bars at Dublin airport.
The three companies which were wound up had operated the Thomas Read bar in Smithfield, the Life Bar in Abbey Street and Bodega in Dún Laoghaire.
The hearing will resume next Wednesday.
