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Millionaire Investors Riding Dublin Culinary Wave

Published on Jan 13 2014 9:08 AM in Restaurant

Millionaire Investors Riding Dublin Culinary Wave

The past few months have seen some of the country's most high-ranking business people dip their hands into their pockets and invest in the restaurant industry.

A report in Saturday's Irish Independent profiled some of Dublin's eateries that have benefitted from recent financial backing, as well as the principal investors themselves. 

It was sparked after Peter Crowley and Neill Hughes of Dublin Private Equity group FL Partners, who recently sold the Sunseeker Yacht business to Wang Jianlin for €350 million, decided to back Laura Peat's new venture.

Peat, the owner of Mulberry Garden in Donnybrook, has gone into business with Crowley and Hughes to establish "a restaurant and licenced premises" on Lower Baggot Street under the company name PNL Restaurants.

And this follows on from South William Street's Zaragoza tapas bar garnering around €1 million last year from a list of famous backers.

Investors include Bord Bia chairman Michael Carey, whose Company of Food has backed the project, Neil O’Leary of Ion Equity and Kerry entrepreneur Jerry Kennelly, Marcus Hewson, former head of McDonald’s Ireland, and John Harvey, who ran Salamanca restaurant in Dublin.

Former Fianna Fáil minister Mary Hanafin is also a part-owner of the business. Ed Ronayne is managing director of Zaragoza Restaurant. He was owner of Ronayne Catering and is a graduate of Dublin Cookery School.

The Irish Independent article also notes the backing behind Patrick Guilbaud, where Glen Dimplex founder Martin Naughton and ESB Chairman Lochlann Quinn own 16.6%.

© 2014 - Hospitality Ireland Magazine by Enda Dowling

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