Business

Landlords pursue McKillen companies over rent claims

Seen & Heard: Taxman’s planning payment probe; C&C boss’s pay jump; Stripe’s Wilton Park deal; Bakhurst mulls Montrose sale

Angelina's Restaurant on Percy Place. An Irish Life-linked fund is pursuing Press Up over alleged unpaid rent at the property, according to the Business Post.

Sun Jun 30 2024 - 12:12

Paddy McKillen Jnr’s Press Up empire is in the spotlight again after landlords at two of the hospitality group’s Dublin locations launched High Court actions over claims of unpaid rent.

The Business Post reports that the owners of the buildings playing host to two Press Up restaurants – Angelina’s, on Percy Place in Dublin 4, and Mackenzie’s, on Hanover Quay in Dublin 2 – initiated proceedings against The Workman’s Club Limited, one of the main operating companies in the group.

According to court documents, Ilim Property Fund, an Irish Life-connected investment fund and owner of the Percy Place building, alleges it is owed nearly €119,000 in unpaid rent and other charges as of April 2024. Separately, a company linked to the family office of Amancio Ortega – the Spanish billionaire Zara founder, and owner of the Opus Building on Hanover Quay – is seeking judgment for €203,000 against Workman’s over unpaid rent and other costs.

It comes at a time of upheaval for the group where long-term associates of Paddy McKillen Snr have just been appointed to a number of companies across the group. London-based alternative lender Cheyne Capital is also reportedly poised to take a majority stake in the business.

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Revenue probing ‘go-away’ planning payments

The Sunday Independent carries a report that anyone who received a so-called “go-away” payment from a developer in return for dropping a planning objection could face scrutiny from the taxman.

Revenue is “actively examining” payments to residents as part of its compliance programme, the paper reported.

While the tax treatment of such payments varies depending on the circumstances of the arrangement, residents could face a bigger tax bill if Revenue categorises the payment as a capital sum.

In that case, the standard rate of capital gains tax – 33 per cent – might apply, the report said.

C&C boss got pay hike before exit

The former C&C chief executive who left the drinks group in early June over an accounting error received a pay rise just months before his resignation, the Sunday Times reported.

Patrick McMahon, whose departure was announced earlier this month after the Bulmers owner had to restate three years of earnings, got a 4 per cent salary bump to €702,000.

Total remuneration for McMahon, the group’s fourth chief executive in five years, was €915,000 in the prior financial year. He will retain long-term share awards worth nearly €220,000.

Stripe bags Wilton Park office deal

Payments giant Stripe is reported to be poised to take on the lease at Iput’s Wilton Park development, which it has chosen as its new headquarters, according to the Sunday Times.

The company, founded by the Collison brothers, is targeting the creation of more than 1,000 jobs in the city by 2026 and was reportedly weighing its options.

Stripe has now signed the deal that will triple its Dublin office space from 4,400 sq m currently to 14,500 sq m. It is expected to move into the Dublin 2 office space in the second half of next year.

Bakhurst mulls Montrose sale

Finally, the Mail on Sunday reported that RTÉ director general Kevin Bakhurst continues to mull the prospect of selling part of the broadcaster’s Montrose campus as part of wider reforms.

Mr Bakhurst’s five-year plan for the broadcaster includes a proposal to move the production of Fair City and the Late Late Show from its Dublin 4 base.

That might free up space, according to Cabinet sources who spoke to the Mail, that could then be prepared for sale. A sale of a portion of the Montrose campus could raise an estimated €300 million, which could be invested in studios and related facilities, the Mail said.

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