The well-known Seapoint restaurant in south Dublin is going into liquidation
A meeting of the company’s creditors is due to be held later this month.
THE COMPANY BEHIND the well-known Seapoint restaurant in south Dublin is going into liquidation.
According to a notice published yesterday, a meeting of the creditors of Seapoint Restaurants Ltd, the company behind the Seapoint restaurant in Monkstown, will be held at the Harcourt Hotel in Dublin later this month.
The purpose of the meeting is to appoint a liquidator to the company, with Tom Murray of financial consultancy firm Friel Stafford nominated for the role.
The notice did not give more detail as to why the liquidator is being appointed.
Friel Stafford declined to comment when contacted by Fora, saying that it was not able to discuss the company’s dealings until a liquidator was officially appointed.
Shane Kenny, the restaurant’s owner, had not returned calls for comment at the time of publication.
Sold
Accumulated losses at Seapoint Restaurant stood at just over €440,000 in the year to the end of February 2016, according to the latest accounts filed for the company. This was up from the accumulated losses of almost €400,000 at the end of its 2015 financial year.
Shane Kenny of Seapoint
Staff costs had also risen slightly during the year, from €400,000 to about €437,000, even though the number of people employed by the firm fell from 27 to 25.
The premises in Monkstown where Seapoint is based was put up for sale last year at a guide price of €1.25 million. The Irish Times reported last month that it was sold to a private investor.
Kenny previously told Fora that the sale of the building the restaurant was renting had made him consider his future.
“I want to develop my consultancy and mentoring (business),” he said, referring to a new brand he had recently established.
Losses
The firm, Hospitality Aware, is a consultancy business that provides services like mentoring to people looking to set up a restaurant.
Kenny, who previously served as a director for funeral directors Massey Bros, set up Seapoint in 2008.
The firm was one of the only restaurants on what was once a popular dining strip in Monkstown when it opened at the start of the recession.
While it neared break-even point on several occasions, Seapoint has struggled to consistently turn a profit.
It owed nearly €435,000 to its creditors, according to its last accounts, while it was due just €16,000 from its debtors. The firm had €6,200 cash at bank and in hand.
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