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You are > Home > Tweedy Group future hangs in balance
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Tuesday, February 02, 2010
Tweedy Group future hangs in balance
By Deirdre Dalton
THE ownership of Waterford’s largest chain of pubs hangs in the balance this week, as Bob Tweedy faces having the business he built up over 20 years taken out of his control.
Following an examiner being appointed to the Tweedy Group at the end of October, Mr. Tweedy started a process of putting together a plan to safeguard the future of the chain of bars and nightclubs in the city, which give employment to 160 full and part-time workers.
A deadline of February 4 was set to save Muldoons, Ruby’s, Oxygen, Masons, the Woodman, and Oscars bar and restaurant which between them are understood to be in debt to the tune of €10m.
Among the options, which were open to Hughes Blake Associates, was a refinancing package and the possible attraction of outside investors.
According to Mr. Tweedy he has secured €5.5m from a local businessman but this won’t be “completed before the set date by the examiner”.
“I’m very angry and disappointed at having found someone to invest but the banks on a national level have no commitment to work through it,” he said.
Meanwhile, an offer of €5m has also been put on the table by Barrowville Estates Ltd. for Eylewood Ltd. and Woodman Inns Ltd.
The future of the businesses is expected to be known by the end of the week.
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