Credit Review ruling lets bar expand its brand after banks refused to lend

Matt the Threshers, of Birdhill, Co Limerick, was one of the beneficiaries of the Credit Review Office’s judgments allowing the pub to expand into Dublin.

The business has been in operation in Birdhill for over 25 years and saw an opportunity in Dublin for a gastro pub trading on the company’s strong brand name. A premises became available in what was formerly the Pembroke bar in Dublin 2, but the banks weren’t willing to lend. The promoter, Jimmy Lyons, said the banks were not interested in the hospitality sector.

“The bank did not want to lend to pubs or restaurants. However, we believed there was a gap in the market in Dublin 2 for a bar specialising in the very freshest Irish seafood and shellfish. We would not have got the business started without the help of the Credit Review Office.

“It is going very well for us — it has become a firm favourite with locals and tourists. We are booked out on many evenings and typically turning people away at lunchtime. Over 30 people are now employed in the business.”

Matt the Threshers is one of 69 businesses that have been on the winning side of a credit review office judgment since it was established in 2010. Credit reviewer, John Trethowan, has overseen 197 appeals resulting in banks supplying €6.9m of credit and supporting 683 jobs in the SME sector.

Mr Trethowan said that there has been an increase in demand for his office’s services in recent months, with the average number of cases going from one a week to three.

Other businesses which have benefited from the credit review process include, Animal’s Choice Limited, a start-up company in Limerick which processes Miscanthus for use as animal bedding, Organic Supermarket in Blackrock, Dublin, and Fun Galaxy Learning and Activity in Swords, Dublin.