We are delighted to announce that PBR Restaurants Limited, who employ 72 people in Dublin, has successfully exited the examinership process.
In August, Mr Neil Hughes was appointed as the examiner to PBR Restaurants, a company which operates a number of restaurants, cafés and gastro pubs in the Greater Dublin area. The company trades six outlets under the brand names ‘FishShack Café’, ‘Ouzos’ and ‘Kelly & Coopers’.
Mr Hughes welcomed the news and also advised that struggling companies should look at all restructuring options:
I am delighted that PBR and its six operations has secured its future with a team of new investors coming on board. The securing of fresh investment into the company has preserved the employment of 72 members of staff.
Systematic of multi-unit operations, PBR successfully traded a number of outlets for a number of year but recently two of its operations were loss-making and therefore affecting the company’s overall performance.
Too often, companies in financial difficulty fail without fully exploring restructuring options available to them such as examinership. Directors can be anxious to put their hand up and admit the fact: ‘we have a real problem here and are in difficulty’. Examinership provides a company with a breathing space of up to 100 days to allow a company secure fresh investment and restructure its balance sheet.
On behalf of the Company, I would like to thank the company’s suppliers and customers for their continued support during this difficult period in the company’s trade.
Earlier this year, PBR Restaurants was granted permissions by the High Court to enter examinership. Recent years have seen the company expand its operations to units in Blackrock, Dalkey, Parliament Street, Malahide and Sandycove together with operating a food outlet on The Pier in Dun Laoghaire.
Under the scheme of arrangement formulated, the operations at Blackrock and Dalkey are being disposed of and the Investor will be focussing on the FishShack operations which include plans for further growth and expansion into new locations.
Commenting on the successful examinership, the Investor said:
We are delighted to be a part of the rescue of a great Irish company and look forward to growing the business with the Hanley family over the coming years.