Record €10m price for pub

TWO hard-working brothers became multi-millionaires yesterday after selling their family pub for a nationwide record price.

Daryl, 38, and Chris Kavanagh, 34, were celebrating yesterday morning’s €10m sale in Waterford.

Their mother, Rita, and their late father, John Kavanagh, bought the original site for Muldoon’s Late Nite Bar and Nite Club in the heart of the city for less than €89,000 over 20 years ago, establishing the now legendary disco bar Fat Sam’s.

Yesterday, the duo sold Muldoon’s, which includes Muldoon’s Bar and Peig’s bar as well as the Oxygen nightclub. The property was bought in trust by a local solicitor acting for an unidentified client.

Waterford auctioneer John Rohan completed the sale of the landmark premises at the junction of the city’s Manor Street and John Street.

“At just over €10m, this record-breaking price is indicative of Waterford’s burgeoning economy and testament to the fact that the city is very much in the sights of investors.

“In fact, the sale price tops the previous record of €8.1m paid in 2004 for The Playwright licensed premises in the Blackrock area of Dublin.’’

The pub has become one of the city’s prime city centre businesses over the years.

“When Fat Sam’s, as it was then called, opened on the site 20 years ago, it and Geoff’s were really the only pubs in the John Street area,” said Daryl Kavanagh. “When Chris and I took over running the complex 10 years ago, we decided to create Waterford’s first late night bar, then the only one outside Dublin.

“The premises has since taken in a number of neighbouring properties and, 20 years on, remains the hub of Waterford’s entertainment scene, something we attribute to the great team who have helped to build up the business,” he said.

“We are deeply appreciative of our many local customers, as well as the excellent relationship we’ve enjoyed with the drinks companies and other suppliers, the licensing authorities and An Garda Siochána.’’

The sale does not mark a total departure from the brothers’ involvement with Waterford’s entertainment scene.

They remain co-owners of soon-to-be-revamped Shefflin’s bar and music venue on Manor Street. Daryl also intends to concentrate on residential and commercial property developments in Waterford and Dublin, while Chris is proprietor of the Cove Bar on the Dunmore Road.