Four Thomas Read companies to be wound up

The High Court has granted orders for the winding up of four companies in the Thomas Read group on grounds they have no reasonable prospect of survival.

Ms Justice Mary Finlay Geoghegan today appointed a liquidator, following an application by Kieran McCarthy, examiner to the group, to the four companies, Eatoncroft Limited, Jestdale Limited, Kadaran Limited and Topart Limited.

The companies are understood to operate The Life Bar, Irish Life Mall, Abbey Street, Dublin; Bodega in Dun Laoghaire and Thomas Read's in Smithfield, Dublin. Survival proposals for the remaining nine companies in the group are continuing.

The Court confirmed the appointment of chartered accountant Mr Anthony Weldon as liquidator to the firm.

The judge also extended court protection for the companies in the group will now continue to March 6 while the examiner finalises the survival proposals for the 10 companies.

All 13 companies, owned by Sharmane Ltd, the parent company of the Thomas Read Group, have combined debts of €26m but most companies are trading profitably, the court has heard. The group employs more than 400 people.

The largest secured creditor is ACC Bank - owed €15.2m while the Revenue Commissioners are owed €2m; Ulster Bank is owed €5.6m; Allied Irish Bank, owed €4.6m; Diageo Ireland, owed €1.1m and Lombard Ireland is owed €1m.

The pub/restaurants in the group are: 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; Bodega, Dun Laoghaire and eight bars at Dublin Airport.

The judge previously heard that bids for the group have been advanced by a consortium, whose members were not identified, and by ACC Bank, the group's largest creditor.