Top pubs and fashion chain fighting to survive

Some of Dublin’s best known pubs and a major Irish fashion chain were fighting for survival tonight after securing legal action to stave off creditors.

The Thomas Read Group, which owns 22 bars and restaurants at the centre of the capital’s social life, has debts of more than €26m.

The High Court has appointed an interim examiner to try to rescue the company, which runs The Bailey, Ron Blacks and The Globe as well as the award-winning Winding Stair restaurant.

It was the second high-profile legal action at Dublin’s Four Courts within hours to signal Ireland’s deepening economic crisis.

An interim examiner has also been appointed to the Sasha women’s clothing chain, which has 42 stores across the Republic of Ireland and employs 500 workers.

Thomas Read’s main shareholder, Guerneville Holdings, which took the action, said the pub chain was insolvent but insisted it had a good chance of survival.

Gary McCarthy BL said the company, which runs eight bars at Dublin airport, was trading profitably but historic debt was causing its current financial problems.

The High Court heard that four banks, three breweries and the Revenue commissioners were among the main creditors.

Thomas Read employs 420 staff and its portfolio includes the nightclub Ri-Ra, one of Dublin’s first so-called super-pubs, Pravda and the Harbourmaster, a popular watering hole for the city’s financial district workers at the IFSC.