JD Wetherspoon to sell regional Irish pubs for €10m
James Cox
UK pub giant JD Wetherspoon has put its regional Irish pub portfolio on the market for €10 million.
Its pubs in counties Cork, Waterford, Galway and Carlow are for sale.
It comes 10 years after the company opened Wetherspoons pubs in Ireland. The joint price for the portfolio is €10 million, 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 Street, Cork and The Tullow Gate, Tullow Street, Carlow.
The fourth property is the former Carbon Night Club, 19-21 Eglington Street, Galway which is not trading but has recently been granted planning permission to permit licensed premises and restaurant use.
The pub group said profit before tax for the year ended on July 30th was £42.6m (€49.25m), from the £30.4m loss it reported a year earlier.
While Wetherspoons pubs are widespread in nearly all UK cities, this will mean Dublin is the only Irish city where they remain.
The Forty Foot in Dún Laoghaire, The Great Wood in Blanchardstown, The Old Borough Hotel and pub in Swords, The Silver Penny on Lower Abbey Street, and the Keavan’s Port Hotel and pub on Upper Camden Street, are the pubs owned by JD Wetherspoon in the capital.
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 groupsseeking 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 in Cork, Waterford and Carlow are presented in excellent condition offering a rare opportunity to acquire the businesses individually or as a portfolio. The property in Galway city centre presents a unique opportunity to develop a landmark licensed premises or alternative uses, in the heart of the city.”
