Setanta Sports founders open Smith & Wollensky in London

They built their careers broadcasting sport, but the three Irish entrepreneurs who co-founded Setanta Sports are now targeting the top end of the hugely competitive restaurant trade in London.

Leonard Ryan, Mark O’Meara and Mickey O’Rourke this week opened a London franchise of the famous New York steakhouse, Smith & Wollensky.

The trio have secured a perpetual franchise to the brand from Boston-based Bunker Hill Capital, which owns nine Smith & Wollensky restaurants outside of New York and owns the international rights to the brand.

The trio have spent €10 million on the 15,000 sq ft restaurant, located in the art deco Adelphi Building near Covent Garden, where they have secured a 25-year lease.

It will seat 300 customers and has three private dining rooms and two bars, making it one of the biggest restaurants in London. Some £1 million (€1.4 million) was spent on fitting out the kitchen alone with the latest equipment.

Investment vehicle

The franchise is owned by Danu Partners, the trio’s investment vehicle. They have also brought in some US investors, while well-known British sports promoter Barry Hearn, who is a friend of the Irishmen, has taken a small stake.

The project has been on the boil for four years, according to Mr Ryan. “It just took a long time to find a site,” he said.

“We got this two years ago. It’s owned by Blackstone and they were very keen to have us in the building. They are customers of the New York restaurant. They like the brand and the idea of taking their clients there.”

The restaurant had a soft launch this week, with a private cocktail party on Tuesday evening and a formal opening to the public for dinner the following day. It will begin serving lunch from Monday.

“We’re turning away reservations initially because we just want to gradually crank the kitchen up,” Mr Ryan said. “It will take a few weeks to get it up to full speed.”

Regular haunt

Mr Ryan is hoping the venue will become a regular haunt for Irish visitors to London.

“We want to make sure it’s on the map for Irish business people going back and forth and we want people to know that it’s Irish owned and that it’s a great place to go. We think it’s going to be a great success financially.”

The restaurant will operate at the top end of the market. A signature 24 ounce “bone-in” prime Rib Eye steak will cost £65, with a 14 ounce Sirloin on the menu at £42.

A dozen oysters costs £34, while shellfish platters for sharing are priced at up to £110.

All of the prime cuts of steak are sourced from the US, from a small number of suppliers approved by the EU.

The original restaurant in New York, which opened in 1977, is thought to be one of the most lucrative in the world with profits of about $5 million (€4.4 million) a year.

It is controlled by Fourth Wall Restaurants, which is co-owned by Smith & Wollensky’s founder Alan Stillman, who also set up the TGI Friday’s chain.