Bunratty pub sells for fraction of €12m

One of the country’s most famous pubs has been sold for “a fraction” of its €12m sale price during the boom.

The new owners, two Dublin-based business partners, said they are delighted to have acquired Durty Nelly’s pub in Bunratty, Co Clare, which has been in existence since 1620.

Martin Scully, 50, of Merrion Row, Dublin, and his business associate Mary McCoy, 43, of Dundrum, acquired the bar from Bank of Scotland after its previous owners saw Nama take over some of their assets.

Mr Scully, a director of 12 companies, said they were the “highest bidder” but the price is “confidential”: “It is a jewel in the crown and we are very happy that we were lucky enough to acquire it. We didn’t pay anything near that [€12m]. The price reflected market conditions. It’s a great acquisition and while its trading performance was not strong, it has been holding its own. Hopefully we’ll benefit from the anticipated recovery in the economy.”

In 2008 it was bought by Ennis-based businessmen Sean Lyne and Noel Connellan, but they received €19.5m judgement orders from the Commercial Court in 2011, arising from unpaid loans from Zurich Bank for development land in Cavan.

Its earlier sale for €12m was reputed at the time to be a record price for a pub outside the capital.