01-07-2025
- Business
- Irish Independent
Firm behind Captain Americas on Grafton Street in examinership
The outlet has been on the street since 1971, having been opened by Mark Kavanagh.
The business is now controlled by a company owned by Paddy McKillen Jnr, called Crawley Ltd.
It will continue to trade while the examinership process is underway. The outlet employs about 30 people.
A company in examinership is protected from creditors for an initial 70 days, but that can be extended to 100 days if the examiner is unable to formulate a scheme of arrangement, which will allow the company to survive after examinership, within the initial 70-day period.
Crawley is significantly late filing its accounts, with the latest filed statements relating to its 2021 financial year, when trading was still affected by the Covid pandemic.
The Captain Americas outlet on Grafton Street is no longer connected to the former Press Up leisure group, which controls a Captain Americas outlet in Blanchardstown.
Press Up was founded in 2009 by Mr McKillen and Matt Ryan. However, last year the struggling group was acquired by London-based finance firm Cheyne Capital in a €25m debt-for-equity swap.
At its peak, Press Up had more than 50 venues and 1,600 employees, including hotels that were sold two years ago.
Under the terms of the deal, Mr McKillen retained a seat on the board and kept a small stake, with Cheyne Capital taking the rest. Mr Ryan is no longer involved with the group.
Earlier this year, Press Up was renamed Eclective Hospitality.
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In May, a company that controlled 12 venues and which is part of Eclective, was placed into examinership.
The application for court protection for The Workman's Club Ltd followed a demand for payment of €4.5m in respect of guarantees on loans drawn down by property-owning companies outside of Cheyne Capital's control.
Venues within The Workman's Club Ltd include the restaurants Angelina's, Doolally, 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. Their premises are all leased.
As of May this year, Cheyne has injected €18m to stabilise and restructure Eclective Hospitality.
Management said earlier this year it had entered into phased payment agreements in January with the Revenue Commissioners on a legacy debt.
