Press Up Hospitality has closed all three Wagamama restaurants in Dublin with immediate effect.
All three locations in Dundrum, South King Street and Blanchardstown in Dublin are set to close after receivers appointed last week failed to agree with the UK-based chain on restructuring their franchise arrangement.
It is understood that 106 employees will be impacted by the move and have already been informed of Press Up’s decision to close the doors of each Dublin location immediately.
The receivers have confirmed that they will begin liaising with employees to detail the implications for their continued employment with Press Up. It is believed that redeployment opportunities are a possibility.
Press Up has secured agreements with the landlords of its South King Street and Blanchardstown locations, allowing these sites to continue operating as part of the group.
Press Up says it is hoping to reopen the premises in South King Street and Blanchardstown under a new restaurant brand within four to eight weeks.
The company ‘hopes’ to introduce new offerings at these venues within the next four to eight weeks. However, no agreement was reached regarding the Dundrum lease.
London-based lender Cheyne Capital formerly took control of the Press Up Hospitality Group last week. It plans to invest new money in the business, which was founded over a decade ago by Paddy McKillen jnr and Matt Ryan.
Cheyne has appointed Shane McCarthy and Cormac O’Connor from KPMG as receivers for four entities that manage 12 venues under the Elephant & Castle, Wagamama, and Wowburger brands.
This includes Portalon Ltd, which operates the Wagamama restaurants on South King Street, Dundrum, and Blanchardstown in Dublin.
Other businesses that have since been put into receivership include Elephant & Castle Ltd, which operates venues in Temple Bar, Rathmines, and Bray; Svetac Ltd, which operates Wowburger restaurants on Wexford Street, Ranelagh, Parnell Street, and Bray; and Silots Ltd, which runs Elephant & Castle in Churchtown and Beacon in Dublin.
It is understood that another 18 Press-up venues are operating outside of the current receivership process.
