Former owner may have tried to regain control of Ryan's of Parkgate Street writes  Arthur Beesley

Talks  on the sale of Ryan's pub in Parkgate Street, Dublin, are understood to have broken down in the past few weeks.

It is believed that a group of investors had indicated willingness to pay up to €2.8 million for the landmark pub, which has been in receivership for more than a month.

The reason for the breakdown is not clear. However, it is thought that the pub's owner when it went into receivership, Mr Peter Farrell, has made attempts to regain control of it.

One of the best-known pubs in Dublin and regarded as one of the finest in the city, it is thought that there was strong interest among leading publicans when it was put on the market by Morrissey's Auctioneers.

Informed sources said that up to five groups or individuals made tentative expressions of interest in the pub, which has a well-regarded restaurant upstairs.

It is believed that two particular parties entered advanced discussions.

Near the Phoenix Park, the establishment is renowned for its atmosphere and classic interior decor, which is listed, and had remained unchanged for generations. It is a particular favourite of Guinness drinkers.

While the €2.8 million price tag is regarded as high, there is confidence that a sale can be concluded in the new year.

Such a price would be more than twice the €1.27 million fetched by the pub when it first came on the market in 1995.

This indicates that the business remains an attractive proposition, despite the receivership. However, the combination of the pub's restaurant business with the bar business downstairs is regarded by some in the trade as difficult to manage.

The establishment has changed hands on a number of occasions in recent years. Owned for generations by members of the Ryan family, it was purchased in 1995 by Mr George Brady and Mr Gerard O'Donoghue, the owners of Russell's bar in Ranelagh, south Dublin.

They sold the pub in November 1998 for €1.58 million to Mr Kevin Fitzsimons, who owns Fitzsimons' Hotel in Temple Bar.

Mr Farrell acquired the pub from Mr Fitzsimons for €2.29 million. Thus the asking price now is €500,001 more than than valuation when Mr Farrell took over the business.

Mr Pearse Farrell of Farrell Grant Sparks was appointed receiver at the request of Bank of Scotland (Ireland) after the pub ran into financial difficulties.

It is thought that there had been sharp deterioration in the business before the receiver took over day-to-day matters at the establishment.

The business has remained open since the receivership.

A publican with links to other business ventures, Mr Farrell is listed in Companies Office records with his wife, Pauline, as a director of Novowood.

This firm trades as Ryan's of Parkgate Street and Ryan's Pub and Restaurant. According to Companies Office records, it had indebtedness of €1.02 million at the end of last year.

Mr Farrell's former solicitor, Mr Cathal O'Sullivan, secured a €158,000 judgment against Mr Farrell earlier this year regarding a business arrangement not linked to Ryan's.