The George, Bad Bobs and Zanzibar are among six Dublin pubs and two hotels being acquired by the Break for the Border group from Messrs Liam and Des O'Dwyer for £14.63 million sterling (€22 million).

The brothers will be paid £4.4 million in cash and a further £10.2 million in shares in the company which plans to change its name to Capital Bars plc and take a secondary listing on the Irish Stock Exchange.

This will give the brothers 46 per cent of the enlarged group's shares and Mr Liam O'Dwyer will become chief executive of the new group, with responsibility for the design and development of new venues.

Break for the Border's managing director, Mr Roger Beaumont, will retain responsibility for the enlarged group's management and operations. The brothers have undertaken to retain their shares for a two-year period.

"The fact that the vendors have chosen to accept most of the consideration in new Break for the Border shares demonstrates their confidence in the enlarged group," the chairman, Mr Robert Gunlack said.

Among the other properties being sold to Break for the Border are O'Dwyer's on Mount Street, the Rathmines Plaza Hotel and Savannah Bar and the Trinity Plaza Hotel and Fireworks Bar on Pearse Street, which is under construction and should open next February.

Bad Bobs is being refurbished and £5.83 million of the consideration, in shares, will not be paid until Bad Bobs and the Trinity Plaza are completed to the satisfaction of the independent directors.

Break for the Border has also entered an option arrangement with the O'Dwyers under which it can assume, for no consideration, the rights and obligations of the brothers regarding three further bar developments in central Dublin. Two are at an advanced stage of negotiation.

The move takes the number of Dublin properties owned by the Break for the Border group from four to 10.

Aside from its Irish Break for the Border outlet, the company already owns Major Toms, Synotts and Cafe en Seine on Dawson Street, which will double in size after being extended into the adjacent premises.

"The board believes that the enlarged group will benefit from improved operating efficiencies, the elimination of duplicated central costs and economies of scale," Break for the Border said.

After the acquisitions, the company's Irish operations will account for around 80 per cent of its turnover, with the remainder coming from the firm's businesses in Britain.

The company's operations, including its finance function, will be transferred to Dublin where the firm will be able to avail of the low corporate tax regime although it will still maintain a London office.

The new company, which will be the largest leisure business in Dublin and the only leisure company listed on the Irish stock market, hopes to have obtained its listing by the end of September.

Following the listing, it expects Irish investors to account for some 60 per cent of its shareholder base.

Break for the Border also released results for the year to April 4th yesterday.

Turnover on continuing operations rose by 17 per cent to £18.3 million sterling although operating profits before exceptional items fell by £612,000 to £1.7 million.

This was as a result of losses on its two new Break for the Border units in Leeds and Peterborough.