Cornstore and Coqbull group founder vows to invest after 200 jobs saved following examinership

Padraic Frawley will continue to head up the Cornstore Group

Coqbull opened in Cork in 2014, in Limerick City in 2015, and in Castletroy, Limerick, in 2019.

The founder of the group behind the Cornstore and Coqbull restaurants in Cork and Limerick has pledged to invest in the chain after 200 jobs were saved following examinership.

Padraic Frawley also spoke of confidence in the hospitality sector despite ongoing costs and inflation challenges.

“It has been a challenging few months for the Cornstore restaurant group, but I am extremely grateful to Linda Frawley [sister] and my senior management team, who have been stoic in keeping positive and remaining resilient during an already tough economic climate for our industry,” he said.

“Together with my executive team and with new funding in place, we look forward to growing from strength to strength this year and beyond, with expansion plans and refurbishments in the pipeline.”

Established in 2000 with Aubars in Limerick, the group opened Cornstore restaurants in Cork in 2007 and in Limerick in 2008. 

Coqbull opened in Cork in 2014, in Limerick City in 2015, and in Castletroy, Limerick, in 2019.

In 2018, the group took a loan facility with Swedish-based Proventus Capital to refinance an existing loan with an Irish bank and acquire some businesses in Britain.

While the British companies fared poorly during the pandemic, the Irish arm of the business was generally profitable but was servicing the debt of the UK wing of the business.

Then last November, Marylebone Taverns Ltd, a company owned by Mr Frawley, petitioned the High Court seeking to have an examiner appointed to seven related companies after Proventus appointed receivers over certain assets of the group after its demand for payment of some €26.7m of the related companies debts was not met.

The High Court was told that despite the firms’ difficulties, an independent expert’s report found the businesses had been largely profitable and well-run, and had a reasonable prospect of survival as a going concern if certain steps were taken.

Mr Frawley confirmed over the weekend that the Cornstore Group has now secured new investment from Dublin-based Relm Finance.

The group’s Irish and British businesses have also been split, with the group’s London restaurants and assets remaining in administration and up for sale.

Mr Frawley said he will continue to head up the Cornstore Group, following a period of management by his executive team, Ms Frawley, Mike Ryan, Chris O’Meara, and Caroline Ingle.

As the group emerges from this uncertain period with new funding and strategic restructuring, he said, it has regained stability and has retained over 200 staff, some of whom have been with the groups since they opened.

“As we mark over 24 years in operation, we look forward to the next decade and beyond,” Mr Frawley said. 

“I would like to thank the local communities in both Limerick and Cork for their never-ending support.”

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