JD Wetherspoon puts Cork pub on the market

BRITISH pub giant JD Wetherspoon has put its regional Irish pub portfolio on the market for €10m.

Its pubs in Cork, Waterford, Galway, and Carlow are now for sale.

It comes 10 years after the company opened Wetherspoons pubs in Ireland. The joint price for the portfolio is €10m, but individual pricing is available from the joint selling agents, Savills and CBRE.

The pubs for sale are: An Geata Arundel, Arundel Square, Waterford; The Linen Weaver, Paul St, Cork; and The Tullow Gate, Tullow St, Carlow.

The fourth property is the former Carbon Night Club, 19-21 Eglington St, Galway which is not trading, but has recently been granted planning permission to permit licensed premises and restaurant use.

A spokesperson for JD Wetherspoons said the company is hopeful that it can sell its Cork hostelry as a going concern and that the 50 workers at The Linen Weaver will secure ongoing employment under the new owners.

JD Wetherspoons spokesman Eddie Gershon told The Echo that the chain was selling these pubs in order to concentrate on its businesses in Dublin and Belfast.

“The pandemic clearly had a big effect on the hospitality industry, and no one has been immune,” he said.

“We’ve decided, in Ireland, to concentrate on Dublin and Belfast, and intend to review the situation in a year or two, when profits are back to pre-pandemic levels.”

He confirmed that there were 50 staff members, including full-time and part-time employees, working in the Paul St premises.

“We are happy to offer employment in our remaining pubs to anyone working in the pubs that are being sold,” he said.

“The four pubs [including The Linen Weaver, Cork] are being sold as going concerns, and we hope that there will be continuing employment opportunities in the same pubs.”

The pubs are described as an “exceptional collection of landmark licensed properties in some of the most coveted locations in the country”.

Stephen McCarthy of Savills said: “The Wetherspoon portfolio offers a rare opportunity to acquire an exceptional collection of landmark licensed properties in some of the most coveted locations in the country.

“Accordingly, we anticipate the portfolio will appeal to a broad cross-section of hospitality groups seeking to scale their existing operation and benefit from the extensive investment which has already being committed to these assets.”

John Hughes, of CBRE, said: “The trading properties ... are in excellent condition, offering a rare opportunity to acquire the businesses individually or as a portfolio.”