Cream rises to the top in €1.5m sale of bar and restaurant

IT IS NOT time gentleman, please, for the hospitality sector judging by the “phenomenal interest” in a local pub and restaurant up for sale.

The well-known Creamery Bar and Restaurant in Bunratty was brought to market by Rooney Auctioneers.

Gordon Kearney, managing director, said there was “phenomenal interest” both locally and nationally. The property, which is in excellent condition throughout, includes a range of bric-a-brac and provides restaurant and bar accommodation on both floors.

Mr Kearney guided the Creamery Bar - which was sold as a going concern - at €950,000.

“It came down to five bidders which was whittled down to one bidder,” said Mr Kearney, who wouldn’t be drawn on the purchase price.

“It made well in excess of the asking price,” was all that Mr Kearney would reveal.

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However, sources within the hospitality sector have told the Limerick Leader the winning bid was around the €1.5m mark.

The sale closed in recent weeks with the new owners believed to be a well-known Limerick family involved in the hospitality industry who are expanding their successful empire.

Mr Kearney said the vendors, who are retiring after running the Creamery Bar and Restaurant for nigh on 30 years, were very satisfied with the price achieved.

It is thought the new owners are going to do some refurbishment on the premises and continue the food and bar trade as they look forward to a busy summer.

Mr Kearney said the sale is a vote of confidence in the hospitality industry locally.

“The sector is facing challenges - we all know it is with energy costs and staffing levels and costs - but this obviously proved itself to be a gem because we had people from different parts of the country looking at this business,” said Mr Kearney.

The experienced auctioneer said it also bodes well for Bunratty and the Mid-West as a tourism region.

“It is one of the Mid-West’s hottest tourist spots - Bunratty has the castle, folk park, Durty Nelly’s etc. It is fantastic to see that investment coming in there.

“It also reflects positively on Shannon Airport. We have seen the numbers in Shannon Airport continue to climb back up again - that all bodes well for the Mid-West tourism industry to have more of an offering for the tourists that come to our region,” concluded Mr Kearney.