BANG CAFÉ, the restaurant owned by Simon and Christian Stokes, whose private members’ club Residence entered examinership earlier this week, is to be wound up.
A creditors meeting has been scheduled for Mayfair Properties – the holding company of Bang Café – at which a liquidator is to be appointed. The meeting will take place on Monday, January 18th, at the Harcourt Hotel in Dublin.
At the High Court on Monday, Mr Justice John Edwards granted Missford Limited, the holding company for Residence, temporary High Court protection from creditors. He appointed chartered accountant Jim Stafford, of Friel Stafford Corporate Recovery, as interim examiner to the company.
During the hearing, the court heard that Missford had loaned €616,000 to related companies Mayfair Properties Ltd, which trades as Bang Café, and Auldcarn Ltd, a wholly owned subsidiary of Mayfair, both of which were unable to repay the loan and were in the course of being liquidated.
Twin brothers Simon and Christian Stokes (34) are two of the best known restaurant-owners in the capital. The only children of designer and restaurateur Jeff Stokes and interior designer and business owner Pia Bang, they opened Bang Café in 1999, next door to their father’s restaurant, Unicorn, which he co-owns.
Filings at the Companies Records Office show Jeff Stokes ceased to be a director of the holding companies of Bang Café and Residence last September.
Despite being one of Dublin’s most popular restaurants, the most recent accounts available show that Bang Café’s holding company had accumulated losses of €438,854 for the year ended 29th February, 2008.
In November 2006 the brothers set up Missford Ltd, a holding and investment company for Residence, a private members’ club which they opened in May 2008.
Located at 41 St Stephen’s Green, around the corner from Bang Café and the Unicorn restaurant, Residence became a popular venue for celebrities and Dublin socialites.
Membership was originally charged at an annual rate of €1,600 with an additional join-up fee of €250. It is understood that more recently, membership had been offered at a lower rate.
A potential investor in the company was identified in writing to the court on Tuesday, although their identity is still unknown.
Mr Justice John Edwards adjourned the case into the Commercial Court list of Mr Justice Peter Kelly on January 13th next.
