Examiner to Thomas Read Group seeks court approval for survival scheme

THE examiner to the Thomas Read Group, operators of 18 of Dublin’s best known bars and restaurants, wants the High Court to approve his scheme of survival for the hostelries rather than that proposed by the group’s largest creditor, ACC Bank.

And former Kilkenny hurling star, DJ Carey, on behalf of a company owed money by the group, claimed in court yesterday that his firm had been “poorly treated” since an examiner was appointed to Sharmane Ltd, the parent company of Thomas Read.

The court was hearing submissions yesterday from the bank and the examiner on the type of survival plan that should be put in place.

In the afternoon, Mr Carey arrived and asked to address the court on behalf of his company which, he said, had “been very poorly treated in this matter.”

Ms Justice Mary Finlay Geoghegan told Mr Carey that only a solicitor was entitled to address the court on behalf of a company and she advised him to speak to the examiner.

The examinership hearing, which will resume next Wednesday, heard yesterday that ACC Bank — which is owed e15.2 million — wants the court to approve its survival scheme.

However, as three of the pubs in the group have already been wound up, the examiner, Kieran McCarthy, believes that the group has a reasonable prospect of survival under his scheme providing a number of conditions are met.

The group employs more than 400 people and has combined debts of e26m. Nine of the original 13 companies under examinership are trading profitably.

Opening the case yesterday, Lyndon MacCann SC, for the examiner, said he [Mr McCarthy] had “bent over backwards” to facilitate ACC including extending the bidding process to allow the bank make a bid for the group.

Among the group’s other creditors is the Revenue, which is owed e2m; Ulster Bank, owed e5.6m; Allied Irish Bank e4.6m; Diageo Ireland e1.1m and Lombard Ireland e1m.

Thomas Read Group operates bars and restaurants in Dublin city, Dublin Airport and Dun Laoghaire.

The directors of the group’s holding company, Guerneville Ltd, are Alan Kennedy, Simon Kelly, Paddy Kelly and Mark Leavey.

The companies operate The Bailey, Duke Street; Searsons, Baggot Street; The Winding Stair, Ormond Quay; The Globe, South Great Georges Street; Ri Ra, South Great Georges Street; The Harbourmaster Bar, IFSC; Thomas Read, Parliament Street; Pravda, Liffey Street; Floridita, Abbey Street; Dawson Lounge, Dawson Street, Ron Black’s Dawson Street; Thomas Read, Smithfield; Lincoln Inn, Lincoln Place; and eight bars at Dublin Airport.

The three companies wound up had operated as the Thomas Read bar in Smithfield, The Life Bar in Abbey Street, and Bodega in Dun Laoghaire, Co. Dublin.