London-based asset management and investment house Cheyne Capital has agreed to take control of Irish hospitality group Press Up, which has been owned and operated by Paddy McKillen Jr and Matt Ryan.
Mr McKillen Jr confirmed, last week, that agreement on the takeover had been agreed, while the deal was still awaiting to be signed.
Cheyne has been a partner of Press Up Group for a number of years and the two began talks last year about the London asset management house taking an equity stake in the Irish company.
Press Up owns a number of hotels in Dublin and around the country, including the Devlin in Ranelagh, and the Dean Hotel which has premises in Dublin and Cork. The group employs nearly 1,000 people around the country.
It also owns the Stella Cinema business, which operates two cinemas in south Dublin, and a number of restaurant chains, including Dublin’s famous Captain Americas, and numerous high-end bars.
Cheyne Capital, however, has appointed receivers to three of the group’s restaurant chains – Wagamama, Elephant & Castle, and Wowburger.
According to reports, Mr Ryan has left the Press Up business, while Mr McKillen Jr has ceased the day-to-day running of the business and will see his shareholding decrease to around 10%.
