HOTELIER JOHNNY Moran, who locked a receiver and management company out of his two properties yesterday, accused State-owned Anglo Irish Bank of pursuing him for repayment of its loans only because he is a soft target.
Mr Moran yesterday told receiver David Hughes, whom Anglo appointed to his businesses last month, and the management company he hired to run his two Dublin hotels, that they had no right to enter or run either property. He owns the Blarney Hotel and pub on the junction of Kildare Street and Nassau Street in Dublin, and the nearby Holiday Inn on Pearse Street. His businesses owe a total of €18 million to Anglo, but he says that they are profitable and generating cash.
He said yesterday that the bank appointed the receiver midway through last month, within hours of writing to him calling in his loan.
“There was no legal process or anything like that, the receiver was appointed the same day I got the letter from the bank,” he said.
“I explained to them that I am the freeholder of the properties, I own the businesses, I am in possession and they are not welcome.”
The receiver would not comment yesterday, but it is understood he will ask the courts to order Mr Moran to allow him and the management company, Pembroke Hospitality, back into both premises.
Mr Moran said he would fight them in the courts if necessary, and added that if nothing else, it would make the State-owned bank accountable for its decisions.
The hotelier explained that of the €18 million total he owes, there were no arrears on €4 million which relates to Pearse Street properties around the Holiday Inn and Blarney Hotel.
He confirmed that a €14 million loan secured on the Holiday Inn was in arrears, but he had been working with the bank to deal with this and, as the business is profitable, was confident that the issue could be resolved quickly. “The letter calling in the loan came out of the blue,” he said.
Mr Moran argued the bank decided to pursue him as he is an easy target and has profitable businesses that can be sold quickly.
“I’m a hotelier and a publican, I’m not a property developer, the bank has just said, ‘these are good assets that we can sell’ and decided to go after me,” he said.
Banks that give secured loans to businesses generally have the right to appoint receivers to recoup their money. The receivers can opt to run the businesses or sell, or take other steps to have the loans repaid.
