The closure of the well-known sports pub co-owned by former rugby international Peter Clohessy coincided with a receiver being appointed to assets owned by the business, new documents show.
The pub and adjoining Sin Bin nightclub and restaurant in Limerick city centre shut its doors on October 5 with the loss of 40 full- and part-time positions.
A notice on the door confirmed the closure and thanked customers for their support over the years, but offered no explanation as to why the closure took place.
Now, documents lodged with the Companies Office show that a Dublin-based firm, Beltany Property Finance Ltd appointed a receiver to part of the property of Clohessy’s Bar Limerick Ltd on October 8 — three days after the doors closed for the last time.
Beltany Property Finance acquired loans from the liquidators of IBRC in March this year. The documentation lodged shows that the appointment of Shane McCarthy of KPMG as receiver by Beltany Property Finance concerns a 2006 IBRC mortgage between the bank and the Clohessy bar firm.
Mr Clohessy still runs the Small Claws Bar and Crokers Bar in nearby Murroe, which have not been affected. He has not commented on the closure of his city centre business.
Accumulated losses at Clohessy’s Bar Limerick Ltd last year increased by €180,495, from €323,644 to €504,139, in the 12 months to the end of August 2012. Mr Clohessy said then that the business was being “crucified” by works associated with a €5m plan to open up Limerick to the River Shannon.
The former Ireland and Munster prop forward said that summer 2013 had been lost to the pub with the roadworks.
Mr Clohessy said: “The boardwalk will be good for business in the long run but, at the moment, it is hurting us.”
The boardwalk is now complete and has been positively received in Limerick. Clohessy’s Bar was one of the largest pubs in Limerick, overlooks the River Shannon at Howley’s Quay on the riverfront and was operating since 2001.
The licensed premises contained three separate bars along with the basement Sin Bin nightclub.
Commenting on how the business was doing overall, Mr Clohessy said: “Every publican is suffering and finding it hard to deal with the likes of supermarkets selling cheap alcohol.”
According to the filings with the Companies Office, Clohessy’s Bar Limerick Ltd had a deficiency of assets totalling €494,139.
Previous accounts show that the firm’s accumulated losses had climbed steadily from €281,838 in 2010.
Capped 54 times by Ireland, Mr Clohessy opened the pub in 2001 and co-owned the pub with a number of Cork-based investors.
The figures show that the amounts owed to the company’s creditors remained static at €1.3m.
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