The €10 million deal sees the group of seven outlets – Café en Seine, The George, The Mercantile Hotel, Whelehan’s, Pichet’s, Opium and NoLita – now wholly owned by the EMI-MR group.
According to a report in the Business section of the Sunday Independent, the deal was signed-off on Friday. After debt, it’s believed that the net proceeds are over €6 million. The seven outlets are deemed to have a net asset value of €50 million.
Pat Burke, the Mercantile Group’s Chief Executive, declined to comment on the details of the deal, according to the Sunday Independent, but said that it would push ahead with a €28 million investment plan which includes a development of the Mercantile Hotel. All projects, bar the hotel, should be completed by Easter 2018 according to the report.
Mercantile settled a legal action with former shareholder and publican Frank Gleeson earlier this year.