Brehon Capital buys Mount Wolseley Hotel in €7.5m investmentWednesday 23 July 2014 11.27
Real estate firm Brehon Capital has bought the Mount Wolseley Hotel as part of a €7.5m investment into the Co Carlow business.
It follows an examinership process which began in April, after the hotel’s owners sought court protection from its creditors.
By that time the resort owed around €60m to a number of different financial institutions, almost half of which was owed to Bank of Ireland.
Ian Lawlor of JPA Brenson Lawlor was appointed examiner and Brehon Capital’s investment proposal – which is backed by Smiles Dental founder Emmet O’Neill – was ultimately selected for the business.
The firm said its investment would safeguard the 175 jobs at the resort.
Bank of Ireland initially opposed the appointment of an examiner, seeking a receivership instead, however Mr Lawlor said the bank reversed its position following negotiations.
He said they received “100% support from all creditors” during the process, all of which had received a dividend from the sale.