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Capital Bars, the pub chain owned by Liam and Des O'Dwyer, plans to convert Break for the Border, one of the pubs within the chain that was facing liquidation, into a sports bar with cocktail waitresses. The company's website is advertising for a manager with experience of working with the Hooters chain but it will not be a franchise of the themed restaurant chain.
Provisional liquidator Jim Stafford of Friel Stafford Corporate Recovery was appointed to the three companies behind the Trinity Capital Hotels, the Dragon pub, and the Grafton Capital Hotel and adjoining Break for the Border. Stafford told interested bidders they had to have immediate funding available of at least €250,000 and recent accounts showing "net" assets of at least €1m. It is understood one major hotel chain showed significant interest in Trinity Capital but thought the rent was too high.
The goodwill, stock and contents of the four premises have since been sold to companies linked to the O'Dwyers. The contents were sold on a going-concern basis, the stock was sold at cost and the good will for the three companies came to more than €160,000.
Capital Bars' Café en Seine, The George, Howl at the Moon and Zanzibar have all entered examinership in recent weeks. If those four companies were to go into liquidation there would be a deficit of more than €121m, the independent accountant's report states. The group is expected to make a loss of nearly €740,000 this year and a loss of more than €675,000 next year.
In recent weeks a management agreement with a third party was reached in relation to Zanzibar, and the company does not derive any profit from the pub. The third party is responsible for the costs involved with the pub.
The independent accountant's report into the group shows it is estimated to have lost more than €10m in fit-out and litigation costs related to Dandelion Bar, which was previously Planet Hollywood. It closed and was sold last year for €1m.
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