Major Pub / Restaurant Chain in examinership

[Reality Bites]

A Sign of the times I suppose - The pubs included in Thomas Read Group was amongst others Thomas Reads, The Bailey, The winding Stairs, Ron Blacks , Ri-Ra's - Now where did I leave that Copy of The Specials - Ghost Town.

[OneRedArmy]

From reading into this the businesses are more than washing their faces, the problem is the inflated price paid by the current owners in when the Group changed hands in 2005 (iirc) and servicing the debt they took on.

Doesn't change the fact they are in trouble but I wouldn't draw parallels to other premises that aren't loaded down with debt.

[pete]

From reading into this the businesses are more than washing their faces, the problem is the inflated price paid by the current owners in when the Group changed hands in 2005 (iirc) and servicing the debt they took on.

They probably just need their debt restructured to long term. Doubt the banks would oppose as selling individual pubs in this climate will mean much lower prices.

I would guess 2005 was peak time for pub prices & would be significant drop in value since then.

[Reality Bites]

The two main groups representing publicans are putting a price freeze on alcohol for the next year... I suppose this is the silver lining in the recession, yuppie style pubs get in financial trouble and the price of drinks comes down hopefully..

[OneRedArmy]

Any previous research I'd seen shows that pubs in general aren't impacted by the economic cycle. What we are seeing currently is the delayed impact of drink-driving clampdown, smoking ban and a permanent lifestyle shift which means people are spending less in pubs.

I'd say the previous owners of Thomas Read Group are laughing into their pints (unless they invested the money in property which is entirely likely.....).

[pete]

Any previous research I'd seen shows that pubs in general aren't impacted by the economic cycle. What we are seeing currently is the delayed impact of drink-driving clampdown, smoking ban and a permanent lifestyle shift which means people are spending less in pubs.

I would tend to agree. In a recession people cut out big purchases like expensive holidays but having a few pints isn't going to break the bank.

I'd still expect the Vintners to be moaning on the news soon. Then again the government have already helped pubs with law changes such as off licences closing at 10pm & Nite clubs closing at 2am.

[geezer]

for me, who in the end of all the mayhem of the last 10years got the money?
it had to end up somewhere. It wasnt burned was it? someone has it. Is it osama binladen, the chinese, bertie, banks top brass, solicitors, estate agents, pleae enlighten me. Maybe it was them cute hoors in drumaville consortium that were running sundireland

[Dodge]

A huge factor for me on city centre pubs doing less business is the suburban crawl away from Dublin. A couple of pints on a Friday is a lot less appealing if it costs you €40 quid in a taxi home.

[Reality Bites]

for me, who in the end of all the mayhem of the last 10years got the money?
it had to end up somewhere. It wasnt burned was it? someone has it. Is it osama binladen, the chinese, bertie, banks top brass, solicitors, estate agents, pleae enlighten me. Maybe it was them cute hoors in drumaville consortium that were running sundireland

Those Bloody Australians - Go Harvey Go - Sure tis like the Potato Famine!

[OneRedArmy]

for me, who in the end of all the mayhem of the last 10years got the money?
it had to end up somewhere. It wasnt burned was it? someone has it. Is it osama binladen, the chinese, bertie, banks top brass, solicitors, estate agents, pleae enlighten me. Maybe it was them cute hoors in drumaville consortium that were running sundireland

FWIW my dad reckons its Bin Laden and the Chinese......