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Ouzos restaurant in Dalkey.

Fishshack owner to sell restaurants in rescue deal

Financial woes forced chain to seek court protection from creditors in August

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The owners of Fishshack and Ouzos restaurants will sell some of its properties as part of a rescue deal.

The chain’s owner, PBR Restaurants, sought High Court protection from its creditors in August after running into financial difficulty. PBR owed €700,000 to suppliers and other unsecured creditors.

As part of a rescued deal that the court approved on Monday, the company will sell restaurants in Blackrock and Dalkey in Dublin and focus on the Fishshack business.The plan also involves a new investor providing cash for the chain.

In a statement, Neil Hughes, whom the court appointed as examiner to the company in August, said that the rescue plan would save 72 jobs.

PBR had six restaurants, Fishshack Café, Ouzos and Kelly & Coopers, in Dublin.

The courts appoint examiners to companies that are insolvent or in financial trouble but which can show they have a reasonable prospect of survival.

The examiner has up to three months to come up with a rescue plan for the company which must get the backing of a least one group of creditors who will lose out as a result.