Mercantile Group Being Split Between Shareholders
Following several days of negotiations, the dispute between Mercantile Group shareholders has ended with an agreement that will see the company split in two.
As reported by fft.ie, the company, which came into being a little less than two years ago when publican Frank Gleeson's Mercantile Group merged with Capital Bars, descended into in-fighting soon after its inception, resulting in three separate battles in the high court.
One side of the the dispute was represented by Gleeson himself, with the other being made up of a consortium that included Irish-American investors and Danu Partners, backed by the founders of Setanta Sports. Some of the claims that were made during the dispute included allegations of money being stolen from tills and conflicts of interest among different shareholder factions.
So far, two of the high court disputes have been fully resolved, while it is expected that the third, which pertains to a high court order preventing the dismissal of Gleeson as CEO of Mercantile Entertainment Group Ltd., will be worked out in the coming weeks.
Despite the fact that the finer details of the agreement are still being finalised, it is believed that Gleeson will be retaining three properties, including Marcel's restaurant on Dublin's Baggot Street.