Another Dublin bar fight as O’Shea wants to stay
O’Shea’s pub, also known as Clonskeagh House: the O’Shea family are resisting Nama’s attempts to take over the pub on foot of unpaid debts of more than €2 million owed by Jim O’Shea
Yet another Dublin bar fight.
Nama and George Maloney, the Baker Tilly uber-accountant and member of the agency’s panel of statutory receivers, have a job on their hands to gain possession of the landmark O’Shea’s pub, also known as Clonskeagh House, on the banks of the river Dodder in the well-to-do Dublin suburb.
The O’Shea family, who have apparently been in situ for more than a century, are resisting Nama’s attempts to take over the pub on foot of unpaid debts of more than €2 million owed by Jim O’Shea.
The pub sits adjacent to a large car park, albeit one owned by the council. Still, it’s the sort of under-utilised site that gave apartment-building developers hot flushes during the boom.
With Michael Noonan now pumping up the property market like a bouncy castle, it is easy to see why Nama wants to take it over.
Maloney and a few colleagues showed up on April 17th to take over the pub, only to be met by Seamus O’Shea of a company called Southodge Inns.
Southlodge became the tenant of the pub in 2011, with Jim O’Shea as landlord, at a rent of €25,000. Maloney says the market rent is about €100,000.
Seamus O’Shea refused to hand over the keys, so Maloney and his pals gave up and went home.
The receiver fired off a legal letter a few days later, and returned on April 30th, but was again given short shrift by Seamus O’Shea.
He said he had a valid lease, but was willing to make an offer to buy the pub from the receiver.
Maloney has now asked the High Court to throw Southlodge out of the pub, which is on the market for about €1 million.
Southlodge has offered to buy the pub for €1 million, but only once its lease ends in 2016.
The matter is due before the courts this month.
It sounds like they’d be better off sitting down and sorting it all out over a pint.