An examiner has been appointed to popular Dalkey restaurant Ouzos and an associated gastropub and several cafes.
At the High Court late on Wednesday, Mr Justice Senan Allen said he was satisfied to appoint Neil Hughes of Baker Tilly Accountants as interim examiner to PBR Restaurants Ltd which has a registered address in the south Dublin village.
The court heard 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.
The firm, which is currently insolvent, employs more than 80 full-time and part-time staff. Its businesses includes Kelly & Coopers gastropub in Blackrock, Ouzos in Dalkey and Fish Shack in Dún Laoghaire's East Pier. It also operates cafes at Malahide, Parliament Street in Dublin 2 and at Sandycove.
The business is owned by high-profile restaurateur Padraic Hanley, who is also involved in the Dalkey Lobster Festival. Ouzos executive chef Raouf Djeffal and William Quane are also listed as shareholders in the business.
Prospect of survival
The court heard that an independent expert had stated the firm has a reasonable prospect of survival as a going concern if the examiner can put together a scheme of arrangement with the company’s creditors.
Those creditors include Revenue which is owed €302,000.
The application to have Mr Hughes appointed as the interim examiner was made by the company, represented in court by Ross Gorman.
Counsel said it is envisaged that the interim examiner will take steps, including attempting to bring new investment into the company, to ensure the businesses’ survival.
Creditors, the employees and the company itself would do better in a successful examinership than if the company was wound up, counsel added.
The matter will return before the court next month.