Paddy McKillen Jr confirms takeover of his Press Up group by London investment firm

"In a challenging period for the sector, this transaction is really positive and allows Press Up to begin the next chapter in its story," he said.

"Cheyne have been a very supportive partner for a number of years and when we first began discussing with them...it became clear straightaway this was the best path forward."

"We're excited for the future and for the business to be able to focus on providing outstanding hospitality experiences for our customers..."

In one of its first moves, however, Cheyne has appointed KMPG's Shane McCarthy and Cormac O'Connor as receivers to three restaurant chains within the Press Up group.

Read at Irish Independent