Capital Bars, the pubs and hotels group that emerged from the effective merger of Break for the Border and the O'Dwyer chain, is planning to sell all five of its British outlets, with the proceeds of the sales being reinvested in new outlets in Dublin.
Capital - which is 46 per cent-owned by the O'Dwyer brothers, Des and Liam - already operates eight pubs/restaurants and two hotels in Dublin, with two pubs and one hotel due to be opened this year and a further two openings planned for 2001. These were apart from any acquisitions that were made from the proceeds of the sale of the British outlets, said Capital managing director, Mr Roger Beaumont.
Mr Beaumont declined to speculate on how much Capital aimed to generate from the sale of its two pubs in London, and one each in Peterborough and Leeds as well as a development site in Cardiff. But discussions are already in progress for a number of additional Dublin venues.
Since the £18 million (€22.86 million) takeover of the O'Dwyer chain, Capital's outlets in Dublin include Break for the Border, Major Tom's, Cafe en Seine, Sinnotts, The George, Bad Bob's, Zanzibar, O'Dwyers, the Savannah and the Rathmines Plaza and Trinity Plaza Hotels.
Capital's half-year results to October 3rd last show a steady performance from the original four Dublin outlets while the British business produced dismal results. Operating profits from the British businesses fell from £959,000 sterling (€1,538,585) to £507,000 sterling (€813,412) even though turnover rose from £3.1 million sterling (€4.97 million) to £3.4 million sterling (€5.45 million).
Turnover from the four Dublin bars was 2 per cent higher at £6.3 million (€8 million) although operating profits were slightly lower at £1.1 million (€1.4 million). Since the end of the half-year to January 3rd, turnover at the original four outlets was 7 per cent ahead while turnover at the acquired O'Dwyer businesses was 12 per cent ahead.
