Cheyne Pledges Growth As Press Up Renamed Eclective Hospitality Group
Press Up, which was founded 2009 by Paddy McKillen Jr and Matt Ryan, has been renamed Eclective Hospitality Group following its takeover by a lender.
The group, which operates 24 venues in Dublin, was taken over last year by London-based Cheyne Capital in a debt-for-equity swap, in which McKillen kept a seat on the board and retained a 10% stake, while Ryan is no longer involved with the group.
At its peak, it grew to more than 50 venues and about 2,000 employees, including a chain of hotels that sold in 2023.
After selling all its hotels, the group now has seven restaurants, including Angelina’s and Doolally, plus Captain America’s in Blanchardstown; six branches of Elephant & Castle, including in Temple Bar and Rathmines; and six branches of Wowburger. It also has six bars, including Peruke & Periwig, and operates the Stella cinema in Rathmines.
Since the acquisition, the group has also opened a new Asian restaurant, Kaldero, in the premises previously operated by Press Up’s Wagamama on St Stephen’s Green.
Dave Mongan, chief operations officer at Eclective, said the move was more than a name change.
“It underlines all our team’s commitment to build on what has been achieved to date, creating exciting and vibrant social experiences across the city. As we develop the business over the coming years, we will strive to elevate the customer experience,” he said in a statement.
After expanding to become Dublin’s largest hospitality group, Press Up hit financial problems in the wake of the pandemic.
“In a challenging period for the sector, this transaction is really positive and allows Press Up to begin the next chapter in its story,” McKillen said in a statement when the takeover was announced. “Cheyne have been a very supportive partner for a number of years and when we first began discussing with them about taking an equity position in the business towards the end of last year, it became clear straightaway that this was the best path forward.”
