Dublin’s hospitality landscape has been hit hard with the unexpected closure of all three Wagamama branches, including locations in Dundrum, South King Street, and Blanchardstown. Press Up Hospitality Group, once the powerhouse behind these franchises, faces financial turmoil as London-based Cheyne Capital takes control, marking the end of an era.

Despite the group’s success in Dublin’s restaurant scene, the appointment of receivers to these chains signals broader troubles for Press Up. Paddy McKillen Jr., the group’s co-founder, is stepping back as his control dwindles. The failure of negotiations between the receivers and Wagamama UK ultimately sealed the restaurants’ fate, leaving a void in Dublin’s dining scene.

The Rise and Fall of Press Up

Founded by Paddy McKillen Jr. and Matt Ryan, Press Up was at the forefront of Dublin’s nightlife and dining scene, renowned for high-end venues like The Dean Hotel, Stella Cinemas, and a slew of restaurants. However, financial strains, exacerbated by post-pandemic market shifts and rising operational costs, left the company vulnerable. Cheyne Capital had been a long-term partner, but its move to take control reflects Press Up’s mounting financial difficulties.

The closures of Wagamama, Elephant & Castle, and Wowburger under receivership demonstrate the wider challenges Press Up faces. This comes after McKillen’s partial exit from daily operations, reducing his stake in the group to a mere 10%​.

What’s Next for McKillen Jr.?

As McKillen Jr. relocates to Los Angeles, questions loom over the future of Press Up and the broader Dublin dining and nightlife scene. McKillen, known for his innovative and bold ventures, is shifting focus, leaving behind the legacy of Press Up’s dominance. Despite this, Cheyne Capital seems committed to restructuring the group’s assets, ensuring some continuity while navigating these turbulent waters​.

The Impact on Dublin’s Hospitality Sector

The closure of three popular Wagamama branches sends ripples across the city’s restaurant industry. Known for its fresh Asian cuisine, Wagamama had become a staple for many Dubliners. With the sudden shutdown, questions arise about the stability of other high-profile dining establishments under Press Up’s umbrella.

As Cheyne Capital takes control, Dublin’s hospitality sector watches closely. Will more closures follow, or can Press Up be salvaged under new leadership? For now, the focus remains on restructuring and the potential revival of some venues.

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