Thomas Read Group, the pub and restaurant chain, has increased its firepower with a €60 million refinancing package from Ulster Bank, in a deal that sets up the business to expand by acquisition.
Managing director Mark Leavey said some of the money would be used to pay down existing debt and to finance the purchase of the freehold titles on most of its leasehold premises.
The group is understood to have already spent a total of €38 million on freehold acquisitions. "Thomas Read Group is also planning further expansion into different market segments over the next three years," it said yesterday.
The group already runs 23 outlets, eight of which are at Dublin airport. Its portfolio includes landmark Dublin bars such as the Bailey on Duke Street, Searson's on Baggot Street and the newly reopened Lincoln Inn at Lincoln Place. Restaurant interests include the Winding Stair on Ormond Quay, Bodega in Dún Laoghaire and Kingswood Country House near the Citywest complex in west Dublin.
It also operates Tulfarris Hotel and Golf Resort in Co Wicklow.
In addition, the group owns the Globe pub on George's Street and and adjoining Rí-Rá nightclub. These were acquired from Jay Burke and Eoin Foyle, founders of the group that owns the Cafe Bar Deli chain and other restaurant interests.
"The commitment by Ulster Bank to the Thomas Read Group shows a level of confidence, not only in the management and board, but also in the industry as a whole," Mr Leavey said.
"Dublin is thriving and we've got the population base to support a healthy and thriving pub and restaurant business."
A former sculptor, Mr Leavey owns 25 per cent of Thomas Read. Businessman Simon Kelly, a son of developer Paddy Kelly, owns another 25 per cent. The other half of the group is controlled by two silent partners.
The consortium bought 40 per cent of the Thomas Read Group from its founder Hugh O'Regan in November 2005 and acquired the remainder last year.
"The growth in the number of bars and restaurants, along with the significant rise in standards within the sector, has created an opportunity for Ulster Bank to increase our portfolio in this area," said Colin Motyer, associate director at Ulster Bank.
"We are delighted to be backing such a strong and diverse group in their expansion plans."
