{"id":505712,"date":"2026-05-27T20:23:12","date_gmt":"2026-05-27T20:23:12","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/505712\/"},"modified":"2026-05-27T20:23:12","modified_gmt":"2026-05-27T20:23:12","slug":"creditors-lost-e4-08m-in-rescue-of-fade-street-social-restaurant-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/505712\/","title":{"rendered":"Creditors lost \u20ac4.08m in rescue of Fade Street Social restaurant \u2013 The Irish Times"},"content":{"rendered":"

A court approved scheme of arrangement for the company that used to operate the Fade Street Social<\/a> restaurant in Dublin includes a creditor write-off of \u20ac4.08 million.<\/p>\n

Accounts for Prime Steak 2012 Restaurant Ltd just filed show that it recorded losses of \u20ac732,257 in the 12 months to the end of June 30th last.<\/p>\n

Four days before the restaurant business\u2019s financial year end last June, it applied for court protection via the examinership process. <\/p>\n

The flagship Dublin 2 venue at 4-6 Fade Street spans 8,000 square feet across three floors and features two distinct restaurants, a cocktail bar, a rooftop terrace and a street-level terrace. <\/p>\n

The venue opened in September 2012 after fit-out costs of \u20ac2 million and had three separate kitchens under the director of celebrity chef, Dylan McGrath<\/a> to accommodate 2,500 customers weekly.<\/p>\n

A note attached to the latest accounts says the company entered examinership after it encountered financial difficulty and was unable to discharge its obligations as they were falling due. The note adds that the High Court approved the examinership scheme of arrangement on October 7th.<\/p>\n

In the accounts signed off on Monday of this week, the note says the approved scheme \u201cinvolved a significant restructuring of liabilities, creditor settlement and ownership\u201d.<\/p>\n

\u201cThe agreement has resulted in a creditor write off of \u20ac4.08 million post year end,\u201d it said. \u201cThe examinership is now complete and the company continues to trade as a going concern under the approved scheme.<\/p>\n

The rescue of the restaurant business saved the jobs of 67 people employed at the venue.<\/p>\n

The examinership resulted in the Eclective Hospitality Group<\/a> taking control of the business and Dylan McGrath disposing of his shareholding and resigning as a director on October 7th last.<\/p>\n

Elective Hospitality firm, Eagle Edge Connect Limited has provided the business with an investor loan of \u20ac1.8 million, the approved scheme under examinership shows that <\/p>\n

The scheme resulted in unsecured creditors \u2013 who had been owed \u20ac3 million \u2013 receiving only 10 per cent of what they were owed. That included a Revenue Commissioners<\/a> debt of \u20ac1.59 million.<\/p>\n

The scheme provided for Revenue Commissioners to get full repayment of a separate debt of \u20ac102,904 and 80 per cent of other debts of \u20ac538,283 and \u20ac95,684.<\/p>\n

The scheme lists Dylan McGrath as a connected creditor. He was due to receive only 10 per cent of the \u20ac119,705 owed to him by the business under the terms of the rescue.<\/p>\n

The statement of affairs, dated September 26th last, stated that examiner fees totalled \u20ac386,500. <\/p>\n","protected":false},"excerpt":{"rendered":"A court approved scheme of arrangement for the company that used to operate the Fade Street Social restaurant…\n","protected":false},"author":2,"featured_media":505713,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[75],"tags":[131030,90105,18,117,131031,19,17,1900],"class_list":["post-505712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-entertainment","tag-dylan-mcgrath","tag-eclective-hospitality-group","tag-eire","tag-entertainment","tag-fade-street-social","tag-ie","tag-ireland","tag-revenue-commissioners"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116648411483235099","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/505712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=505712"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/505712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/505713"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=505712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=505712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=505712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}