Workman's Club Ltd applies for examinership
The company is part of the former Press Up group, which was renameds Eclective Hospitality Group in February following its takeover by the London-based financial firm Cheyne Capital last year.
The application for court protection was triggered by demands in respect of guarantees on loans drawn down by property-owning companies outside of Cheyne Capital's control.
Patrick Sheehan, the chief restructuring officer of Eclective, said: 'The decision to petition the courts for protection for Workman's Club Limited is a necessary step to protect jobs, maintain operations, and to secure the long-term sustainability of the business. Its current challenges stem from legacy issues and, since assuming control, Cheyne Capital has acted in good faith and committed significant financial resources to stabilise the business.
'Despite these efforts, it is clear examinership is required to address these historic issues to put the company on a sustainable path, and it is business as usual at all our venues.'
Venues within The Workman's Club Ltd include the restaurants Angelina's, Dolally, and Isabelle's and the pubs Peruke & Periwig, Mama Yo and Vintage Cocktail Club, as well as the Workman's Club itself, a live-music venue in Temple Bar.
It has a total of 362 employees, 55 of whom are full time. It is not envisaged that any will be made redundant. The annual turnover of the company is approximately €29m.
During the due diligence process undertaken last year as part of a restructuring, it was discovered the company had given guarantees to RELM Capital in respect of borrowings by other companies controlled by a former shareholder.
The potential exposure in respect of those guarantees is believed to be about €9.9m.
RELM Capital issued demands to Workman's Club Ltd for payment of €4.5m in respect of the guarantees last March. Management is concerned that demands could be issued for other guarantees amounting to €5.4m.
These demands, and the fact that there are insufficient realisable assets to make repayment, led to the decision that the company is insolvent.
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The vacant Odessa nightclub property on Dame Court, which the company is leasing at a cost of about €200,000 a year is now considered an onerous lease given the cost of its refurbishment. The landlord is said to be insisting that reinstatement works to the value of about €1.8m be carried out before it is handed back.
The lease was entered into seven years ago with a plan to convert the Odessa into a hotel and restaurant. Some interior work was done, including demolition, which has led to the need for reinstatement. The company is not in a financial position to comply with the landlord's request.
Cheyne Capital took over the group last year after turning €25m of debt into equity. Press Up was originally formed in 2009 by Paddy McKillen Jr and Matt Ryan. At its peak it had more than 50 venues and 2,000 employees, and a chain of hotels that were sold two years ago.
There has been an investment of up to €18m by Cheyne so far to stabilise and restructure the group. The current outstanding debt is €46.1m. Management entered into Phased Payment Agreements in January with Revenue on its legacy debt, which has been kept up to date. Payment plans have been agreed with key creditors to pay down historic creditor balances
Eclective now employs about 850 staff across 24 venues in Dublin. Among the changes it has made since taking over is opening a new Asian restaurant, Kaldero, in the premises previously used by Press Up's Wagamama on St Stephen's Green.
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