Wetherspoons to close four Irish locations including the Linen Weaver

By News Editor Cormac McCarthy

After entering the market nearly a decade ago, Wetherspoons pub chain are now seeking a buyer for the four to close four Irish locations including the Linen Weaver, with the three other locations being the Geata Arundel in Waterford, the Tullow Gate in Carlow and the former Carbon Night Club in Galway City. The total value of the portfolio has been offered at €10 million.

The pub giant has over 100 locations across the UK and Ireland but has entered into financial difficulty in the last 6 months with over 30 pubs having been shut in the last 18 months. Furthermore, more than 20 pubs are said to be at risk of a potential closure.

The pubs will continue to be in operation until a purchaser has been found. The five locations in Dublin and Belfast will continue to remain open and trading with no plans to shut down as yet.

JD Wetherspoon has appointed CBRE and Savill to sell the portfolio of pubs which have been described as being in “Turnkey condition” having undergone serious refurbishment in the last year. Savill’s Stephen McCarthy said “We anticipate the portfolio will appeal to a broad cross-section of hospitality groups seeking to scale their existing operation and benefit from the extensive investment which has already being committed to these assets.”

Often described by local Cork residents as “The place to go when you can’t go anywhere else” it has nevertheless managed to carve its own way into the cork city nightlife, with the pub operating in a location with high traffic. There is expected to be a large interest in this site.

This announcement comes after the recent and sudden closure of Brewdog on Courthouse street just off Washington Street. The pub ceased trading in a shock closure to both management and staff in early May this year after just 9 months of trading.

The Irish pub sector has experienced difficulty in the past few years with the prices of alcohol suppliers and related taxes as well as heating and electricity prices all being steadily increased.

These two recent closures by chain pubs also reflect the sentiment in Cork in the difficulty of opening non-independent pubs. Ireland and particularly Cork has always been a harder market for such chains to open in over the years. Over the years companies have remarked on the loyalty residents have for locally and independently owned establishments thus making it difficult for these chain pubs to break through to the market.