British chain pub operator JD Wetherspoon has confirmed that it has exchanged contracts to purchase its first pub in the Republic of Ireland.
The Watford-based firm will officially acquire the Tonic Bar in Carysfort Avenue, Blackrock.
The purchasing of is expected to be completed within the next ten days.
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Wetherspoon founder and chairman Tim Martin expressed his delight at the exchange and confirmed the Tonic Bar would the first of several pubs for the operator in Ireland.
Mr Martin said: “I am delighted that we have secured our first site in the Republic of Ireland and am looking forward to opening our first pub there in the near future.
“Our aim is to invest up to 50 million euros in the Republic of Ireland over the next five to ten years, opening between 10 and 20 pubs.
“Each pub will create approximately 50 jobs.”
Wetherspoon said that it plans invest €1.5 million in developing the site, which along with the purchase price, makes the company’s total investment in the site to three million euros.
At present there is no opening date for the bar, but Wetherspoon said it aims to have the new-look pub open by April 2014.