The High Court has appointed an interim examiner to the Thomas Read group of companies, which operate some of Dublin's best known bars and restaurants. The companies have debts of more than €26m and employ more than 400 people.
Mr Justice Brian McGovern today appointed Kieran McCarthy of Hughes Blake accountants as interim examiner to Sharmane Ltd and 14 related companies, known as the Thomas Read Group. The petition for examinership was brought by Guerneville Ltd, the parent company of the group.
The Thomas Read group of companies operate a total of 22 bars and restaurants in Dublin city, Dublin Airport and Dun Laoghaire. The directors of Guerneville are Alan Kennedy, Simon Kelly, Paddy Kelly and Mark Leavey.
They are: The Bailey, Duke Street; Searsons, Baggot Street; The Winding Stair, Ormond Quay; The Globe, South Great George's 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; Bodega, Dun Laoghaire and eight bars at Dublin Airport.
Gary McCarthy, for Guerneville, said court protection was being sought as Sharmane was likely or unlikely to be able to pay its debts. The companies had an excess of €26.7m liabilities over assets and, if wound up, there would be a debt of some €38m.
Counsel said a report from independent accountant Alan McClean expressed the view the companies had a reasonable prospect of survival, provided certain conditions were met. He said the companies had inherited a historical debt when the owners bought it from the O'Regan group in 2005 and the companies had also been affected by the economic downturn.
But the core business was strong and most of the 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 ACC Bank, owed more than €15m; Ulster Bank, owed €5.6m; AIB, owed €3.5m 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 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.
'From a customer point of view it is business as usual,' said Simon Kelly, a director of the company. 'The examinership will allow us to continue to provide employment and to continue our relationship with our suppliers and customers.'
