One of Dublin's most well-known pubs, Bad Bobs in Temple Bar, owned by brothers Liam and Des O'Dwyer, has been sold for €12 million, writes Emmet Oliver
The private treaty sale was conducted by pub auctioneers Morrisseys, which said the price was the highest paid for a seven-day licensed premises, except where it was being acquired for alternative use.
Liam and Des O'Dwyer own the Capital Bars group which owns a range of other premises in the city, including Cafe en Seine, the Dragon, the George, Zanzibar and two hotels - the Grafton and Trinity Plaza. Bad Bobs is situated between 34 and 37 East Essex Street and has benefited from the growth of Temple Bar and surrounding areas over the last decade. The purchaser is Conor Martin, a publican who owns the Purty Kitchen in Dún Laoghaire. It is one of Dublin's oldest pubs and clubs and the premises was built back in 1728.
Capital Bars has been struggling financially in recent years and reported record pre-tax losses of €18 million recently. The accounts, which covered the year ended September 25th, 2005, showed that the company was only continuing to trade because of support from its parent.
Capital Bars is ultimately owned by Full Circle Investments, which has seen its losses climb to €18 million in the year ended September 25th, 2005, up from €10.4 million in the previous period, a 75 per cent rise.
The company blamed tough trading conditions in the pub sector for the figures, although the results also reflected a €12.7 million write down of assets and goodwill.
