A HOSPITALITY group which sold the majority of its pub portfolio in Northern Ireland six years ago has paid almost £3m (€3.56m) to acquire three well known pubs in north Down.
The Carmichael Group bought The Stables in Groomsport, The Esplanade in Ballyholme and The Bryansburn in Bangor from North Down Leisure in a deal financed by Ulster Bank.
It represents a major reinvestment in the industry by the Northern Ireland-based group, which also owns the Rosspark Hotel in Kells and Morrison’s Bar in Belfast.
Ian Carmichael said the group hopes to complete another acquisition this year and is looking for further opportunities.
The Carmichael Group’s decision bucks the current negative trend across the industry with many pubs complaining of a sharp drop in trade.
Pubs of Ulster, the professional body which represents the retail licensed trade across Northern Ireland, has repeatedly warned the industry is “reaching breaking point”.
Chief executive Colin Neill said recently: “An increasing number of licensees are facing a difficult and uncertain future” because of the local economic downturn.
A recent industry survey by Pubs of Ulster showed that the owners of about 120 pubs in Northern Ireland are “anticipating closure” while a further 210 pubs are currently on the market.
