Ryan's of Parkgate Street in receivership

One of Dublin's best-known pubs, Ryan's on Parkgate Street, has gone into receivership after getting into financial difficulties.

Regarded as one of the finest establishments in the city and a particular favourite of Guinness imbibers, the pub remained open yesterday following the appointment of Mr Pearse Farrell of Farrell Grant Sparks as receiver on Thursday. Mr Farrell is dealing with day-to-day matters at the pub and its first-floor restaurant. Attempts to contact Mr Farrell at his office yesterday were not successful.

The pub is owned by a Co Leitrim-born businessman, Mr Peter Farrell (38), who bought it for €2.29 million on August 11th 2000 from Mr Peter Fitzsimons, who owns Fitzsimons' Hotel in Temple Bar.

Mr Farrell is listed with his wife, Pauline, as a director of Novowood, which trades as Ryan's of Parkgate Street and Ryan's Pub and Restaurant.

While it is believed Bank of Scotland (Ireland) sought the receiver's appointment, the bank declined to comment. The bank's forerunner in Ireland is cited in a number of Companies Office records linked to Novowood.

A staff member at Ryan's said Mr Farrell was not on the premises yesterday. Owned for generations by members of the Ryan family, the landmark pub near the Phoenix Park is renowned for its atmosphere and its classic interior decor, which is listed, and remained unchanged for generations.

Until recently the pub had no television and was regarded as a quiet haven at the outskirts of the city centre, particularly when major sporting events dominated other pubs.

While the circumstances of the receivership are unknown, a Companies Office filing suggests Novowood had indebtedness of €1.02 million at the end of last year.

Earlier this year, Mr Farrell's former solicitor, Mr Cathal O'Sullivan, secured a €158,000 judgment against Mr Farrell in relation to a business arrangement not linked to Ryan's.

The previous owner, Mr Fitzsimons, bought the pub for €1.58 million in November 1998 from the joint owners of Russell's bar in Ranelagh, Mr George Brady and Mr Gerrard O'Donoghue. Mr Brady and Mr O'Donoghue bought the pub for €1.27 million in 1995 from the Ryan family, who owned it for 75 years.