Three Wagamama Branches Close In Dublin
Three Wagamama branches have been closed in Dublin after fruitless talks between the headquarters of the British brand and the receivers of the Press Up group.
The three branches include South King Street, Blanchardstown and Dundrum centres, all closing immediately. The Press Up group said that it plans to open branches of a new brand at South King Street and Blanchardstown within the next four to eight weeks.
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The closure of three Wagamama branches came after the takeover of Press Up by Cheyne Capital, a London-based investment firm. The investment firm took over Press Up for a debt-for-equity swap that gave one of the co-founders of Press Up, Paddy McKillen Jnr., only 10 per cent of the stake in the business. No involvement came from another co-founder, Matt Ryan.
Following this agreement, Cormac O’Connor and Shane McCarthy of KPMG were named by Cheyne as the companies receivers that were part of the Press Up group. The companies that operated under the group were Elephant and Castle, Wowburger and Portalon Ltd, the main operator of Wagamama.
The receivership process does not take into account several businesses, at least over a dozen, at Press Up venues.
Press Up stated that in the ongoing talk with Cheyne, the joint receivers of Portalon have not come to an agreement with the firm for continuing its operations in Dublin, Ireland.
It also stated that the group would communicate with employees of the three Wagamama restaurants in Dublin. Future implications of the process would be discussed with them so as to take them in confidence.
There were 106 employees, working either part-time or full-time at three Wagamama branches in Portalon Ltd. Press Up said, “The joint ventures will enter a consultation period with all staff”.
At present, Press Up has decided to re-employ as many workers as possible on a wider scale once the possibilities of other work show up. The talks with the employees would be important in setting the future direction of their work with Press Up.
It’s not about three Wagamama branches; it’s about Wagamama’s vision
Wagamama is a British restaurant that provides Asian cuisine with a focus on Japanese cuisine. It launched in 1991 named initially as China Diner Limited in Bloomsbury, London.
Till January 2014. It was able to mark its place in the food industry with more than 190 restaurants. Afterwards, it was acquired by The Restaurant Group in 2018 for £559 million.
The founder of the multi-million chain, Alan Yau, who is currently 60 years old, told that he wanted to bring Japanese and Asian food as good as rivals like McDonald’s. He explained the meaning of the name ‘Wagamama’ which is roughly interpreted as ‘self-indulgent’.
In some other contexts, it is also taken as a badly behaved or naughty child. Later a spokesperson deciphered that it could be definitely understood as in the context of a naughty child if the beginning of the owner’s story is fully comprehended.
The landlords of the venues at South King Street and Blanchardstown branches of Wagamama restaurants have agreed upon the terms with Press Up group so that those venues remain with the said firm.
However, after the termination of the Wagamama restaurant agreement, Dundrum Town Center is not on the same page with Press Up group and would not be continuing its business with it, the statement declared.
Further clarifications from the Wagamama chain are still to be seen so that future franchise operations in Dublin and all over Ireland are apparent. Whether it would take Dundrum as the new operator or do without it is a question mark for now.
A British firm, The Restaurant Group, owned the brand and is the owner of other various eating brands too.
