The Bord Gáis Energy Theatre in Dublin has been sold for €28 million.
The theatre, which was the brainchild of Harry Crosbie, was offered for sale in July by CBRE for €20 million, on the instructions of the receivers at Grant Thornton. Crownway Entertainment, a company owned by business moguls John and Bernie Gallagher, was the successful bidder, outbidding well-known rivals such as Denis Desmond's MCD and Live Nation.
John and Bernie Gallagher have numerous business interests, many of which are in the hospitality industry. They own a 25 per cent stake in the Doyle Collection hotel group; John ran the buyout of Jurys Doyle for the Doyle and Beatty families in 2005 and Bernie is the daughter of Jurys Doyle founder PV Doyle. They also own the River Lee hotel in Cork and the Avoca store on Suffolk street in Dublin.
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The Gallaghers, who are notoriously private, would not comment on their intentions for the profitable theatre but it is believed that they plan to be the long-term owners of the venue.