CAFE BAR Deli in Cork is set to successfully exit examinership after creditors of the business accepted a scheme of arrangement for the company this week.
A Section 18 report, outlining details of the scheme, was presented to the High Court by examiner Neil Hughes of Hughes Blake yesterday.
A confirmation hearing will take place in two weeks at which point it is expected the company will officially exit examinership. Twenty-one jobs will be saved on condition that the final legal stages of the process proceed as planned.
It is believed that all 13 classes of creditors represented at this week’s creditors’ meeting approved the scheme of arrangement. Cafe Bar Deli, Cork, opened in 2004 and is on Academy Street.
The company behind the business, CB Deli Limited, has been in examinership since mid-January.
Owner Jay Bourke said he was “relieved” that the business is close to exiting examinership. “I’m not happy, but relieved,” he said. “It is a very difficult situation for all involved.”
The Cork branch is the last remaining Cafe Bar Deli restaurant in operation. The outlet in Ranelagh, Dublin, closed in August last year during a dispute over rent. It is understood the landlords of the premises were in the process of repossessing the building for the non-payment of rent when the outlet closed. The premises remains empty.
Cafe Bar Deli on South Great George’s Street, Dublin, and the franchise restaurant in Bewley’s, Grafton Street, are also closed, though new restaurants run by separate management are operating in their place.
Cafe Bar Deli was founded by Mr Bourke and Eoin Foyle in 2001. In 2008, they teamed up with Brody Sweeney of O’Briens Sandwich Bars with a view to offering franchises throughout the country. They had hoped to open four branches in Cork, 18 in Dublin and five in Belfast.
However, the economic downturn and the difficulties that beset the O’Brien sandwich group meant the plans did not go ahead.
Mr Bourke was also involved last year in a dispute with Temple Bar Cultural Trust about rent on his Temple Bar restaurant, Eden. The dispute was resolved and Eden continues to trade.
