Financier acquires Thomas Read pub group

Corporate financier Paul Connolly has acquired the Thomas Read Group of public houses for more than €30m, from founders Hugh O’Regan and Martin Conroy.

Connolly will take up a controlling interest in the group with an option to acquire O’Regan’s remaining shares at a future date.

Hugh has taken up a role as Consultant to the Group.

The Thomas Read Group employs around 400 people and operates 11 licensed premises in Dublin.

These include Ron Blacks, the Bailey, Searsons, the Harbourmaster, Thomas Reads, Pravda and the 40 Foot in Dun Laoghaire.

The Group also operates the six bars located at Dublin Airport.

Commenting on the acquisition, Connolly said: "The Thomas Read Group is synonymous with setting new standards of excellence in the pub business that are reflective of ever changing consumer demands.

"Under the continuing stewardship of Martin Conroy as Managing Director, the Group is well positioned to adapt, grow and lead the way in the new social environment heralded by last week’s adoption of the new smoke free regulations."

Hugh O’Regan said: "This deal allows me to focus on my other interests while retaining an involvement in the Thomas Read Group. I know that Paul will bring new expertise to complement and develop what is an already successful business," he added.