The pub, which had been part of the Rebel Bar Group which went into liquidation in 2009, had been advertised as being for sale with a guide of €925,000 only last year. The Rebel Bar Group had purchased the premises for €2 million in 2006.
Derry O’Regan, Jon Cronin and Sean McCarthy are behind the purchase of the premises which was auctioned by Allsopspace which is involved with a lot of distress purchases. They opened Soho Bar & Restaurant on Cork’s Grand Parade six years ago and paid just €5,000 over the reserve for the pub with off-licence and nine residential apartments (currently bringing in €50,000 a year in income).
The new owners intend to re-establish a “vibrant food and beverage business” which should open next March and create 20 full- and part-time jobs.
At present, their Grand Parade operation employs 70. Jon Cronin and Derry O’Regan also operate the East Village Bar, Restaurant and Hotel in Douglas which employs 60.
Paddy The Farmers was sold on behalf of the Reciever KPMG in Cork City.