Magpie Inn in Dalkey secures High Court protection
Company operating south Co Dublin pub and bistro cites cash flow issues and dispute with its landlord
The company operating the Magpie Inn said it had a loyal customer base, and had turnover of more than €1 million in 2013 and 2012, but is insolvent mainly due to cash flow issues and a dispute with its landlord concerning its premises. Photograph: MagpieInn.ie
A company operating the Magpie Inn pub and bistro restaurant in Dalkey, employing 18 people, has secured High Court protection pending the hearing of its application for examinership.
An independent accountant has expressed the opinion that RCGB Ltd, with registered offices at Collimore Road, Dalkey, has a reasonable prospect of survival as a going concern provided conditions are met, including acceptance by its creditors of an appropriate survival scheme.
The company said it had a loyal customer base, and had turnover of more than €1 million in 2013 and 2012, but is insolvent mainly due to cash flow issues and a dispute with its landlord concerning its premises. It said it is in advanced talks with a prospective investor. Its principal creditors include the Revenue and law firm Byrne Wallace, which represented it in proceedings aimed at preventing its landlord repossessing the premises, counsel Ross Gorman said.
The company and the landlord are involved in arbitration arising from allegations by both sides of breaches of the lease agreement.
Mr Gorman yesterday applied for directions concerning notice and advertising of its petition for examinership. Mr Justice Peter Charleton made those directions and returned the petition for hearing on January 30th.
The company is under court protection as of now, he said.