WAGAMAMA is expected to open new restaurants in Ireland following the shock closures of three locations in Dublin yesterday.
The branches closed after receivers appointed last week failed to reach an deal with the UK-based chain on restructuring its franchise agreement.
The Press Up group operated Wagamama’s Dundrum, South King Street, and Blanchardstown branches in Dublin, which closed for good yesterday.
Some 106 employees working in these locations have been informed of the decision to cease trading immediately.
Receivers said they would liaise with the workers to detail the implications for their continued employment with Press Up Hospitality.
Redeployment opportunities are said to be a possibility.
According to the Irish Independent, sources with knowledge of Wagamama’s plans say the British chain is preparing to open new, directly operated Irish outlets, including a bigger restaurant in Dundrum.
Wagamama owner, The Restaurant Group, has agreed to be taken private by US equity firm Apollo Global in a €560 million deal.
Since then, Apollo has been taking back Wagamama branches in a number of countries, aiming to operate them directly.
It is understood that Press Up is planning to reopen the premises in South King Street and Blanchardstown under new restaurant brands before Christmas.
However, the group will not reopen the Dundrum branch.
They aimed to invest fresh capital into the business, which has been running for over a decade.
Press Up was originally set up by Paddy McKillen Junior and Matt Ryan.
In a debt-for-equity swap, Cheyne took a majority equity stake in the business.
They appointed Shane McCarthy and Cormac O’Connor from KPMG as receivers to four entities including 12 venues under the Elephant & Castle, Wagamama and Wowburger restaurant brands.
These included Portalon Ltd, the operator of Wagamama on South King Street, Dundrum and Blanchardstown in Dublin.
By the end of May 2021, it was reported in the latest accounts filed for Portalon that they had accumulated losses of €250,443.
The other venues put into receivership were Elephant & Castle Ltd (in Temple Bar, Rathmines and Bray), Svetac Ltd (who operates Wowburger on Wexford Street, Ranelagh, Parnell Street and in Bray), and Silots Ltd (runs Elephant & Castle in Churchtown and Beacon).
