Capital Bars Sold For €15 million
Published on Oct 19 2014 11:59 AM in Pub/Bar/Nightclub
Capital Bars, which consists of the four well-known Dublin venues: Café en-Seine, Howl at the Moon, The Dragon and The George, has sold for €15 million.
A consortium consisting of Danu Investment Partners, Splash Hospitality and JT Magen, acquired the portfolio for €3 million more than the guide price.
The directors of Danu are the men behind Setanta broadcasting group, Michael O'Rourke and Leonard Ryan, and Setanta senior executive Mark O'Meara. Danu owns a stake in West Cork Distillers and is opening a Smith & Wollensky steak restaurant in London, the first one outside the US.
JT Magen is a US construction company, founded by Kerryman Maurice Regan, which has worked on many US hotel developments including the W hotels in New York.
Finally, Splash Hospitality is headed by Ray Byrne and will continue to operate all four bars as it has been doing for some time.
The four bars had a combined gross turnover of €13.5 million last year and made a profit of around €2.4 million.