Court confirms examiner for popular south Dublin restaurant
Posted on 11th September 2019 at 22:15
Parent company of Ouzos, Fish Shack and Kelly and Coopers hit by cash flow problems
The High Court has confirmed the appointment of an examiner to a company that operates a restaurant, several cafes and a gastropub in Dublin.
At the High Court on Wednesday Mr Justice Richard Humphreys said he was satisfied to confirm the appointment of experienced insolvency practitioner Neil Hughes of Baker Tilly as examiner to PBR Restaurants Ltd with a registered address at Dalkey in Co Dublin.
The firm, which is insolvent, employs more than 80 full-time and part-time staff. Its businesses include Kelly and Coopers gastropub in Blackrock, Ouzos in Dalkey and Fish Shack in Dun Laoghaire’s East pier.
It also operates cafes at Malahide, Parliament Street in Dublin 2 and at Sandycove.
There were no objections to the application to have Mr Hughes appointed as the firm’s examiner.
The judge was told that there has been some interest in the company from potential investors.
Mr Hughes has up to 100 days to take steps, including seeking to bring new investment into the company and putting together a scheme of arrangement with the firm’s creditors to ensure the company’s survival.
Last month Mr Hughes was appointed as the firm’s examiner on an interim basis.
Difficulties
The court previously heard that the company got into difficulties due to cash flow pressures, the cost of funding short-term loans and a breakdown in the relations between the company’s directors.
An independent expert found that the firm has a reasonable prospect of survival as a going concern if the examiner can put together the scheme of arrangement with the creditors.
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