The High Court has extended the examinership of the Workman’s Club Ltd in Dublin, part of the former Press Up hospitality and entertainment group, after hearing efforts to ensure its survival are progressing well.
Ms Justice Eileen Roberts said on Thursday she was satisfied to extend the examinership to July 10th following submissions from barrister Declan Murphy, for the examiner, Declan McDonald of PwC.
It seemed good progress was being made with a fully funded-proposal investor, the judge said.
As the examiner had expressed the view the company has ability to trade until July 10th, she would extend the examinership until then, the judge said.
[ High Court confirms appointment of examiner to Workman’s Club LtdOpens in new window ]
Mr Murphy earlier told the court that matters had proceeded “more speedily than is ordinarily the case but we don’t want to jinx it”.
If a successful scheme of arrangement is proposed and voted on, the examiner would notify the court and a date can be set for a hearing, he said.
The judge wished the examiner luck with his engagement in the weeks ahead.
Press Up was founded by businessmen Paddy McKillen junior and Matthew Ryan. It was renamed the Eclective Group last February following its take over and running by Cheyne Capital.
Press Up, at its height, operated some 50 bars, restaurants and hotels with 1,600 employees.
It now operates 12 Dublin venues, including Peruke and Periwig on Dawson Street, Doolally on Richmond Street, and the Workman’s Club on Wellington Quay. It has 55 full time employees out of a total of 362.
When the application to appoint an interim examiner was made early last month, the court was informed the company has an excess of liabilities over assets and is unable to pay debts as they fall due.
In October 2021, the group was refinanced to the tune of €55.5 million by Cheyne Capital and deleveraging began with the selling off of the hotels in the group, the Dean and Clarence, the court petition stated.
Full deleveraging did not take place and Cheyne took over management in July 2024 when it says it discovered depleted stock levels, substantial arrears to suppliers, deferred maintenance and limited reinvestment.
It was decided four of its operating entities would enter receivership so the core business and a broader restructuring could take place, along with an injection of new money from Cheyne which took 95 per cent of the group’s shareholding in a debt for equity swap and installed its own management team.
