Capital Bars is "slightly disappointed" with the £4.7 million sterling (€7.7 million) price received from the SFI Group for its UK bar and restaurant division, according to finance director, Mr Hugh Doherty.

The sale, announced yesterday, includes two Break for the Border bar/restaurants in London, one in Peterborough and another in Leeds, Cafe en Seine in Peterborough, a development site in Cardiff and the Borderline live music venue in London.

In the 12 months to last April, the UK division made an operating loss of £2.19 million, which included a £1 million write-down provision. Net assets after the write-down stood at £3.8 million sterling.

In the same period, the Irish operations reported a profit of £1.3 million sterling.

The company, which is controlled by Mr Liam O'Dwyer and Mr Des O'Dwyer, completed the purchase of the Planet Hollywood restaurant in Dublin for £1.35 million sterling on Monday and Mr Doherty said yesterday that it would be kept as it was in the short term.

Capital Bars intends to develop two other bar/restaurants in central Dublin.

Cafe en Seine in Dublin's Dawson Street has been closed for expansion and will reopen in the spring at three times its former size.

Among the 13 bar/restaurants the company owns in Dublin are O'Dwyer's pub in Mount Street and three city centre hotels - the Trinity Capital (including the Fireworks bar), the Grafton Capital and the Rathmines Capital - with a total of 212 bedrooms.

The company, in a statement, said the British disposal would eliminate Capital Bars' exposure to losses incurred in Britain and also the need for the central costs associated with running the British operation. The disposal is conditional on the approval of shareholders. An e.g.m. will be held shortly.