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"It's business as usual" say
McGrory's
08.12.09
by Linda McGrory
POPULAR entertainment venue McGrory's of Culdaff
yesterday described marathon efforts to negotiate
its way out of trading and financial difficulties.
The peninsula and wider North West were stunned
recently to learn the long-standing, family-run
business, which employs 17 people, had gone into
receivership.
Receivership is a process by which a company can
avoid liquidation by reorganising with the help of
an officially-appointed receiver.
Farren Roarty Chartered Accountants in Letterkenny
has been appointed receiver to the well-known
premises.
McGrory's is owned by brothers Neil and John McGrory
and their sister Anne Doherty. It has been run by
the family since 1924 and is an established
favourite among locals and visitors alike. |
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Neil McGrory yesterday
said he wanted to stress that the business - a
public limited company - was trading, 17 jobs had
been saved and the owners were positive about the
future.
"We are restructuring the business and we are
trading on. We could have walked but we wanted to
maintain the business and protect the jobs, and this
has been done. Our plan is to re-emerge from this," |
said Mr McGrory.
"These are very choppy waters from a business point
of view and we are trying our best in the current
economic climate. We are trying to negotiate our way
out the other side of this and the receivership is
part of the process. We are currently running the
business on behalf of the receiver but we want
people to know, we are open for business."
Mr McGrory said the company decided the appointment
of a receiver was the best option in the current
circumstances. Farren Roarty spokesman, Seamus
Farren, is reported as saying he plans to put
McGrory's on the market as a going concern. He
stressed it was still a successful enterprise and
that all bookings were being honoured. |
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Mr McGrory said despite
the negative connotations, the company's owners
remained positive about the future. "There is a lot
of positivity here. We have a great line-up of
entertainment planned for Christmas including Albert
Lee, bookings are going ahead as planned and jobs
have been |
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secured. We were also
delighted to have been named Ulster Venue of the
Year just last week and have been listed again in
the Bridgestone Guide as one of the top 100 places
to stay," he added.
McGrory's of Culdaff is known for its cosy front
bar, bar food, restaurant and its reputation for
attracting some of the top names in Irish and
international folk and traditional music to its
Backroom venue. |
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