Cheyne Capital Linked With Majority Stake In Press Up

Ireland's largest hospitality group, Press Up, is in talks to sell a majority equity stake to London alternative lender Cheyne Capital.

Cheyne Capital was finalising a refinancing deal with Press Up, owner of a host of well-known restaurants such as Captain America’s, Elephant and Castle, and Angelina’s in Dublin, the Business Post reports. Among its other assets are the Stella Cinema in Rathmines, Wagamama and bars such as the Workman’s Club, Ashton’s and the Lucky Duck.

A Press Up spokeswoman declined to comment on the reports to the Irish Independent.

There have been reports that Press Up has been seeking additional capital ever since it shelved plans in late 2019 to raise €50M or more through the disposal of a 45% stake in the business via an initial public offering.

Last November, Press Up announced that it would make almost a third of its head office staff redundant, citing tough trading conditions. It also sold about a 70% stake in its portfolio of eight assets in the Dean Hotel Group to Lifestyle Hospitality Capital and Elliott Investment Management, valuing the chain at around €350M.

The hotel chain includes the Mayson, the Clarence, and the Devlin brands, the Leinster hotel in Dublin and Glasson Lakehouse near Athlone in County Westmeath. 

Former Morgan Stanley executives Stuart Fiertz and Jonathan Lourie launched Cheyne in 2000. Last year, it provided an €80M senior loan to the Petersen Group and Hines to refinance Central Plaza, the former Central Bank on Dame Street. Anchor tenant WeWork opened its flagship Dublin office there recently.

Press Up’s executive team will continue to operate the hospitality business after Cheyne assumes the majority stake, according to the Business Post.