More than 100 employees are impacted by the move after receivers failed to reach agreement with the Wagamama chain on a restructuring the franchise arrangement
Press Up Hospitality has closed its Wagamama restaurants in Dundrum, South King Street and Blanchardstown in Dublin after receivers appointed last week failed to reach agreement with the UK-based chain on a restructuring of their franchise arrangement.
Some 106 employees are impacted by the move and have been informed of the decision to cease trading with immediate effect. The receivers have said they will liaise with the employees to detail the implications for their continued employment with Press Up, with redeployment opportunities a possibility.
Press Up has reached agreement with the respective landlords of the South King Street and Blanchardstown sites for them to remain as operating venues within the group, and “hopes” to have new offerings ready in the next four to eight weeks. No deal was reached on the Dundrum lease.with a plan to invest fresh capital into a business founded more than a decade ago by Paddy McKillen jnr and Matt Ryan. As part of a debt-for-equity swap, Cheyne took a majority equity stake in the business.
Cheyne appointed Shane McCarthy and Cormac O’Connor from KPMG as receivers to four entities that comprise 12 venues under the Elephant & Castle, Wagamama and Wowburger restaurant brands. This included Portalon Ltd, the operator of Wagamama on South King Street, Dundrum and Blanchardstown in Dublin. The other businesses put into receivership were Elephant & Castle Ltd , Svetac Ltd , and Silots Ltd .Overseas cash buyers snap up bargain apartments that first-time buyers cannot get because of defects‘It’s completely unfair’: How a broken rung on the property ladder locks out first-time buyersFrom Australia to Inishbofin: ‘The girls are so free here. Life is easier.
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