Pub chain buys back bars in £10m deal

A leading pub chain in the North has bought back bars it sold in a multi-million pound sale and lease back deal just two years ago, it was announced today.

Botanic Inns repurchased five of the 11 Belfast properties which were hived off and sold to property investors when Jas Mooney sold the chain in January 2004.

The five – Apartment, the Fly, McHugh’s, Ryan’s and the Parador – have been bought back for more than £10m (€14.84m).

Stephen Magorrian, who acquired Botanic Inns, but not the bricks and mortar in which the bars operated, from Jas Mooney, said the reacquisition of the property assets was part of an ongoing strategy to streamline the company and put it on a footing for further growth.

“We recently purchased Denvers in Downpatrick and the Whiskey Haw in Newtownards and will continue to look for further opportunities to expand and add value to the business,” he said.

Ulster Bank supported the deal and its corporate banking director Kevin Kingston said the chain had plans to develop and extend a number of the pubs.

“Since buying the operating company in 2004, Stephen’s shrewd management has seen Botanic Inns go from strength to strength.

“Now that five of the properties are back under the ownership of Botanic Inns and the two new pubs have been purchased, Stephen and his team are planning further investment in order to keep the chain at the forefront of the market,” he said.

He revealed work would involve significant alterations to four properties in light of the smoking ban as well as the expansion of the Apartment.

It is believed the six bars operated but not owned by Botanic – The Kitchen Bar, The King’s Head, Madison’s, The Globe, The Northern Whig and The Bot - could also be bought back at a later date.