The hospitality group belonging to Paddy McKillen Jnr, known as Press Up, has drawn attention once more due to two landlords from the group’s Dublin restaurants launching High Court proceedings over allegations of rent arrears. Both Angelina’s in Percy Place, Dublin 4 and Mackenzie’s in Hanover Quay, Dublin 2 are involved in the legal proceedings led by The Workman’s Club Limited, a key company within the group.
Court papers reveal allegations from Ilim Property Fund, a property investment fund linked to Irish Life and the owner of Angelina’s premises on Percy Place, claiming nearly €119,000 in overdue rent and other charges as of April 2024. Separately, a firm associated with the family business of Spanish billionaire and Zara founder, Amancio Ortega – who owns the Opus Building where Mackenzie’s is located – is seeking €203,000 due to Workman’s in unpaid rent and related costs.
Timing of these legal proceedings coincides with recent staffing shake-ups across the Press Up group as several long-time associates of Paddy McKillen Snr have landed positions in various companies within the group. Furthermore, industry reports suggest that Cheyne Capital, an alternative lender based in London, appears set to secure a majority share in the group.
In other news, revenue is reportedly now “actively examining” payments made to residents by developers to cease planning objections. Those residents who received such payments could find themselves under tax scrutiny. The tax implications of these payments will vary, however, if declared as a capital sum under Revenue, residents may face an increased tax bill as capital gains tax of 33 per cent could apply.
Finally, former C&C chief executive Patrick McMahon, who resigned from the drinks group in June following an accounting discrepancy that lead to the recalculation of three years of earnings, actually saw a salary increase of 4 per cent to €702,000 just before his departure.
During the last fiscal year, the total compensation for McMahon, the fourth CEO of the group in the last five years, amounted to €915,000. Additionally, he is set to hold onto long-term share rewards valued at nearly €220,000.
The major payments corporation Stripe is rumoured to be on the verge of securing a lease at Iput’s Wilton Park development, which it has selected as its forthcoming headquarters, as mentioned in the Sunday Times.
Stripe, the brainchild of the Collison siblings, is aiming to generate over 1,000 jobs in the city by 2026, and it’s said it’s been exploring various pathways. In a recent development, Stripe has finalised a deal that will increase its Dublin office space threefold, from 4,400 square metres to 14,500 square metres. The company is predicted to relocate to its new Dublin 2 office in the latter half of the upcoming year.
Lastly, the Mail on Sunday highlighted that RTÉ director general Kevin Bakhurst is further contemplating the idea of selling off a section of the broadcaster’s Montrose campus in conjunction with broader reforms. Bakhurst’s five-year plan for the broadcaster includes a suggestion to shift the production of Fair City and the Late Late Show away from its Dublin 4 base, which according to Cabinet insiders speaking to the Mail, could potentially yield space ready for sale. It’s speculated that a sale of part of the Montrose campus might generate around €300 million, which can then be channelled towards investing in studios and related facilities, according to the Mail.