Promoter and Mean Fiddler shareholder Denis Desmond and businessman Gerry Purcell have emerged as the backers of a €6 million comedy venue.
Both men are shareholders in the revamped Laughter Lounge venue in an old cinema building on Eden Quay in the centre of Dublin.
The lounge has been redeveloped and refurbished at a cost of €6 million.
The other investors are businessman Peter O'Mahony, who managed the club up its closure over three years ago, and Dublin nightclub owner Robbie Fox. Galway publican Kevin Healy is also an investor.
Mr O'Mahony will run the new venue and is the majority shareholder. He sought backing while he was developing the business and was advised by Ronan Reid of stockbroking firm, Dolmen.
Mr Desmond runs promotions business MCD, which operates a number of high-profile rock festivals around the Republic.
Early last year he became a shareholder in the Mean Fiddler live venue and music festival business along with US giant Clear Channel after doing a deal that valued the group, founded by Irishman Vince Power, at €46 million.
Mr Desmond and Clear Channel own the Mean Fiddler through a joint venture company, Hamsard.
Mr Purcell is one of the family behind the Purcell Meats business and is involved in property development.
Mr Healy owns a number of pubs in Galway and recently netted €7 million from the sale of the GPO nightclub in the city. Mr O'Mahony's other interests include an on-line DVD rental company, Busybeedvd.
The new lounge is due to open its doors for business late next week and has seating for 350 people. It will operate three nights a week.
According to Mr O'Mahony, it has a partnership with the Comedy Store business in London, which will give it access to international acts. It could require up to 600 performers a year.
From its previous incarnation it has a database of regulars and marketing information that includes details of the acts that appealed most to those audiences.
Mr O'Mahony said that the group was looking at developing similar venues in Belfast, Cork, Galway and Limerick, as it believed there was a strong demand amongst audiences for live comedy.
