ANOTHER PUB is to close its doors, this time in Dalkey, Co Dublin. A creditors’ meeting has been called for the company behind Ivory, a pub on Castle Street, formerly McDonagh’s. The owners are Andy Neiland and Eoghan Breslin, better known as the proprietors of Ocean Bar at Charlotte Quay Dock, Dublin.
Ocean hit the headlines in autumn 2008 when it applied to the High Court for protection, with debts of almost €2 million. Examinership was awarded and a scheme of arrangement drawn up between the holding company and creditors was approved by the court. This involved ACCBank taking a 30 per cent hit on a €1.37 million loan secured on the pub.
Ocean was one of the first of Dublin’s high-profile pubs to get into hot water – the financial travails of the Thomas Read group and Capital Bars were to follow in 2009 – so how is Ocean, once the location of choice for Dublin’s 20- and 30-somethings, faring now?
Neiland says the demise of Ivory will have no impact on Ocean, which continues to trade post-examinership under the original management. He says the pub is trading well and the company has cut its costs.
“We now only have a staff of four, compared to 11 at one time. We’re all working 80-hour weeks and putting our all into it.”
He says the pub is gearing up for the summer season – traditionally Ocean’s busiest time – although this will be more dependent on weather than any consumer trends.
The opening of the new Grand Canal Theatre across the dock may also boost business.
As for Ivory, Neiland says that a dramatic fall-off in trade and the level of customer spend, plus a lack of access to credit, contributed to its downfall, although it is debatable if the Ivory’s modern vibe and chic decor was ever going to go down well with the well-heeled residents of one of Dublin’s most affluent suburbs.
The creditors’ meeting is scheduled for April 20th. While it seems there are few trade creditors, it looks like the Revenue Commissioners will once again take a big hit.
