European firm closing in on €30m deal to buy Cork pubs Rearden's and Oliver Plunkett

It is understood that the talks are at an advanced stage and that the pubs’ owner, Margaret Kenneally, will remain involved in the operation of the businesses.

Rearden’s on Washington Street includes Le Cabaret and the Secret Garden nightclub venues on its upper floors. Picture: Larry Cummins

A European investment firm is closing in on a €30m deal to acquire two of the biggest pubs in Cork city centre.

Attestor, which has bought several pubs in the capital in recent years, is understood to be in the final stages of a deal to buy both Rearden’s and The Oliver Plunkett.

Attestor has declined to comment but the firm is actively looking at expanding its operations to regional cities.

It is also understood that the talks are at an advanced stage and that the pubs’ owner, Margaret Kenneally, will remain involved in the operation of the businesses.

Rearden’s on Washington Street includes Le Cabaret and the Secret Garden nightclub venues on its upper floors. 

Ms Kenneally was involved in the deal to buy Rearden’s in the mid-1990s along with her late parents, Eddie and Sheila, and her former husband, Paul Montgomery.

She acquired full ownership of the venues in 2019 following a buyout and restructuring process.

Publicly available figures also show the group is profitable, emerging strongly from the covid pandemic.

The company posted an operating loss of €555,000 for the 12-month period to the end of March 2020.

The following year, helped by Covid-19 state support, it recorded an operating profit of €113,000.

In 2022, it increased dramatically to €4.1m, before rising to just over €5m in 2023.