One of the co-founders of Ireland's biggest hospitality chains says he is delighted to be staying involved in the Press Up Hospitality Group.
Paddy McKillen Jr’s comments follow confirmation that the London-based Cheyne Capital has agreed to take control of the business, although the deal has yet to be signed.
Cheyne is set to inject capital into the companies and has taken a majority equity stake in the firm built up over a decade by co-founders Mr McKillen and Matt Ryan.
Press Up website own dozens of properties, mainly in Dublin, including restaurants, bars, nightclubs and a cinema.
Sources confirmed that all of the group’s venues, which employ 935 people, are to stay open except for the Wowburger outlet on Dublin’s Parnell Street.
In a rare public statement, Mr McKillen said it was a source of pride how Press Up has grown since its inception "introducing authentic concepts to the Dublin cityscape, such as the Stella Cinema and The Workman's Club."
"In a challenging period for the sector, this transaction is really positive and allows Press Up to begin the next chapter in its story," he said.
"Cheyne have been a very supportive partner for a number of years and when we first began discussing with them about taking an equity position in the business towards the end of last year, it became clear straightaway that this was the best path forward."
While it was recently reported that Mr Ryan has left the business altogether and Mr McKillen has stepped back from Press Up’s day-to-day operations, he confirmed today that he remains involved.
"We‘re excited for the future and for the business to be able to focus on providing outstanding hospitality experiences for our customers and are also delighted to be staying involved, retaining a shareholding as well as board representation," he stated.
However, KPMG’s Shane McCarthy and Cormac O’Connor have already been appointed by Cheyne Capital as receivers to four businesses that collectively control around a dozen Press Up outlets.
The firms include Elephant & Castle Ltd which runs restaurants in Temple Bar and Rathmines in Dublin, as well as Bray in Co Wicklow, and Svetac Ltd, which operates Wowburger restaurants on Wexford Street, Ranelagh, and Parnell Street in Dublin, and in Bray.
Also included is Portalon Ltd which runs the Wagamama restaurant on South King Street, Dundrum and Blanchardstown in Dublin, as well as Silots Ltd which operates Elephant & Castle in Churchtown and Beacon in Dublin.
The other venues in the Press Up Group are not affected by the receivership and will continue to run as normal.
"Press Up is delighted to have the support of long-standing partners who know the business well and who are excited about the opportunities in the Irish market," said Patrick Sheehan, chief restructuring officer, Press Up Hospitality Group.
"This partnership will enable Press Up to focus on delivering a quality experience to all its loyal customers as a leading hospitality group in Ireland."
