Nealons Pub being shut by Vulture Fund

The Humble Sausage

Vulture funds are at it again. Nealons pubs on Capel St is being shut down after over 100 years in business.
US private equity firm Oaktree Capital Group is shutting it down in spite of the bat still being successful. Stinks. Something similar happened with Clearys. Not sure if much can be done to stop this crap:mad::mad::mad:


http://www.irishtimes.com/news/ireland/irish-news/dublin-pub-jack-nealon-s-set-to-close-after-a-century-1.3004581

Elemonator

That's business. I'd be more upset about the history of the Azure Window in Malta which just collapsed.

People can give out about this but its the cornerstone of the capitalism that we all benefit and suffer from daily.

Nonetheless, it is a shame.

Arthur Daley

Had a nice roaring fire in there. While you nursed a few pints on a cold january night.

Arthur Daley

You think location is out of the way. Buy it's only a short hop away from temple bar and a bit more to dame st. So if you want a pint in a place that isn't a super pub and only slightly off the beaten track it is actually a good option.

The Humble Sausage

Its never been a quiet pub. Solid custom. Good barmen. Also, capel st is busier now than its ever been.

The Humble Sausage

Perhaps so, hope youre right.

sugarman wrote: »

I cant see the dodgy chinese phone shops, dodgy takeaways or charity shops that line the street paying top dollar for retail space is all I meant.

It wont get any better business than a pub, and certainly not if they turn it into something its not.

newacc2015

sugarman wrote: »

I cant see the dodgy chinese phone shops, dodgy takeaways or charity shops that line the street paying top dollar for retail space is all I meant.

It wont get any better business than a pub, and certainly not if they turn it into something its not.

Were you last there is 2004? If so, I suggest you take a walk down it this weekend. Just be careful when crossing the road you dont get knocked down by a BMW or Mercedes. There is a lot of wealthy people who eat and drink on the street now...

There is literally one Chinese phone shop on the street. There is not a single takeaway on the street. There are restaurants you can takeaway though. Can I ask what is dodgy about authentic Chinese for you? A bit too exotic? There are so charity shops, but there is a ton of them on Georges St too. I honestly don't think you have been to Capel St this side of 2010.

Capel St has a ton of amazing restaurants that have opened in the last 10 years eg Brother Hubbard, Musashi, etc. There is Panti that is always packed, there is the Black Sheep which is also packed.

Nealons will be snapped up by a Chain. Capel St is literally 5 mins walk from Temple Bar and 15 mins walk from Westmoreland St. You are making out it is run kip in the Liberties with no future ages away from the City.

I dont know what lack of footfall you are on about. O Carrolls have just opened a store on Mary St close to it. The area is so busy

Love2love

As all the staff are told they'all be losing their jobs, as far as I know, it can't be reopened as a pub for a significant time. Probably more apartments / student accommodation.

Del2005

Elemonator wrote: »

That's business. I'd be more upset about the history of the Azure Window in Malta which just collapsed.

People can give out about this but its the cornerstone of the capitalism that we all benefit and suffer from daily.

Nonetheless, it is a shame.

You're more upset about a natural phenomenon of a sea arch collapsing than people potentially loosing their jobs

dudara

Just remember that real root cause is the excessive loans and guarantees taken out by Irish business people during the boom. These then got sold on and here is the inevitable consequence.

It is a sad story and I hope that something changes. 9 staff to lose their jobs IIRC

L1011

Love2love wrote: »

As all the staff are told they'all be losing their jobs, as far as I know, it can't be reopened as a pub for a significant time. Probably more apartments / student accommodation.

Redundancy time constraints don't apply if a complete new owner comes in. The site is not large unless they have adjoining properties so redeveloping would be unlikely

Love2love

L1011 wrote: »

Redundancy time constraints don't apply if a complete new owner comes in. The site is not large unless they have adjoining properties so redeveloping would be unlikely

Oh really? That's good I suppose. I was under the impression that if it was to remain as a pub, then they would have to keep the existing staff on.

OldGoat

Perhaps Pantibar is expanding. I can only hope that she calls it "New Boots".

I love Capel St. as it now is, slightly seedy but full of life. It's like Temple Bar was back in the day before stag parties found it and the vintners cashed in.

BonnieSituation

sugarman wrote: »

Given its location, I really can't see them closing it... Or at least changing of use.

It's too out of the way, in an area with very little footfall to be anything other than a pub.

Have you been to Capel St at any point since 1972? The place is humming.

Sebastian Dangerfield

Sad that people are losing jobs but the way Dublin is at the moment, no capable bar person will be out of work more than a week should they choose not to be.

Sebastian Dangerfield

Sebastian Dangerfield wrote: »

Sad that people are losing jobs but the way Dublin is at the moment, no capable bar person will be out of work more than a week should they choose not to be.

I haven't seen a staff wanted sign in a while in Dublin Pubs.

Its not like it's 2001 all of a sudden!

Sebastian Dangerfield

Deleted User wrote: »

I haven't seen a staff wanted sign in a while in Dublin Pubs.

Its not like it's 2001 all of a sudden!

I've seen plenty! Cant state where as fact from memory, but I walk around Nassau Street, Baggot Street and South William St most days and have seen a good few signs in recent weeks.

Tombo2001

I think to be fair, there may have been a pub there for 100 years but it hasn't been Nealons for 100 years. I preferred it when it was the George Frederic Handel around 15/20 years ago. Preferred the layout then, and they had some smashing live music, they had a great jazz singer on Friday nights.

The new bar (well 10 years old or whatever) is quite nice also. No doubt it will re-open in 6 months under new ownership.

I wouldn't compare it to losing Clerys. Not the same thing at all.

A more valid comparison, and one that I think is a huge loss, is JJ Smyths changing hands and shutting down the jazz bar upstairs. Afaik, that's nothing to do with the pension funds that you are calling vulture funds, whatever that means. JJ Smyths is just change of ownership; but same principle - the owners think its should be more profitable so they are changing things.

In general though, I'd have a fairly strong view that where a shop or restaurant or bar has been part of the Dublin scene for 30/40 years or more, and if it has heritage value - then it should be protected and get preferential rates.

For example, what if someone bought the Stags Head and decided to 'modernize' it. Or Trocadero.

Tombo2001

OldGoat wrote: »

Perhaps Pantibar is expanding. I can only hope that she calls it "New Boots".

I love Capel St. as it now is, slightly seedy but full of life. It's like Temple Bar was back in the day before stag parties found it and the vintners cashed in.

That's a while ago now - the Stag Parties have been in Temple Bar since the early 1990s. 25 years.

OldGoat

Tombo2001 wrote: »

That's a while ago now - the Stag Parties have been in Temple Bar since the early 1990s. 25 years.

Yeah, I'm fierce long in the tooth. Back then the Templebar was full of short lease properties cos CIE were planning to turn it into a depot (I think). The only business interested in short leases were second hand book/record shops, small cafes, craft shops, music centres and so on, no mainstream business.

Then people saw how popular the area was with students, locals and tourists and decided to tart the place up, ramp up the prices and fill it with generic tourist shops. Basically they tore the heart out of it and it turned into that horrific tourist trap we see today.

Tombo2001

OldGoat wrote: »

Yeah, I'm fierce long in the tooth. Back then the Templebar was full of short lease properties cos CIE were planning to turn it into a depot (I think). The only business interested in short leases were second hand book/record shops, small cafes, craft shops, music centres and so on, no mainstream business.

Then people saw how popular the area was with students, locals and tourists and decided to tart the place up, ramp up the prices and fill it with generic tourist shops. Basically they tore the heart out of it and it turned into that horrific tourist trap we see today.

ironically, this is exactly the ecosystem that every 'cultural capital' aspires to having; we just didn't realise it had value at the time.

Isnt it shocking that they would have considered putting a bus depot there. Its unreal sometimes to walk around the centre of Dublin an observe some of the planning decisions that have been made.

L1011

Tombo2001 wrote: »

A more valid comparison, and one that I think is a huge loss, is JJ Smyths changing hands and shutting down the jazz bar upstairs. Afaik, that's nothing to do with the pension funds that you are calling vulture funds, whatever that means. JJ Smyths is just change of ownership; but same principle - the owners think its should be more profitable so they are changing things.

I wasn't aware JJs had reopened (I don't go to the southside much), but they still have jazz and blues on their gigs list?

Tombo2001

L1011 wrote: »

I wasn't aware JJs had reopened (I don't go to the southside much), but they still have jazz and blues on their gigs list?

There was a recent newspaper article saying the bar has changed hands and that they will close the jazz bar.

humberklog

Tombo2001 wrote: »

A more valid comparison, and one that I think is a huge loss, is JJ Smyths changing hands and shutting down the jazz bar upstairs. Afaik, that's nothing to do with the pension funds that you are calling vulture funds, whatever that means. JJ Smyths is just change of ownership; but same principle - the owners think its should be more profitable so they are changing things.

When did this happen? I was only having a pint in there this week and chatting to Brian, (JJ's son), and there was still no mention of anything concrete happening.

Also JJ's is quite different as it's a pub that wants to be sold by the whole family. It's openly attempting to sell itself.

L1011

Did it actually shut at all, if they haven't sold it yet?

OldGoat

(Off topic I know)
On the jazz scene, Arthurs on Thomas St is developing nicely.

Thomas St is another of those streets that offers hidden treasures for those who are willing to venture there.

humberklog

L1011 wrote: »

Did it actually shut at all, if they haven't sold it yet?

It never shut anyway.

There was a buyer lined up and it was to close before Xmas. However the deal stalled and it was kept going, regular gigs too. The doors never shut.

pilly

The Humble Sausage wrote:

Vulture funds are at it again. Nealons pubs on Capel St is being shut down after over 100 years in business. US private equity firm Oaktree Capital Group is shutting it down in spite of the bat still being successful. Stinks. Something similar happened with Clearys. Not sure if much can be done to stop this crap

To be fair Clearys wasn't making money.

Ciaran_B

Capel St. is legit one of the best streets in the City. I love walking up it.

testaccount123

How anyone could think Capel St is anything other than buzzing and vibrant is beyond me. Have these people been to other cities?

Tombo2001

testaccount123 wrote: »

How anyone could Capel St is anything other than buzzing and vibrant is beyond me. Have these people been to other cities?

Don't get ya