All advertising is free till May 1st 2008. Please contact Webmaster@CraicOn.com

Castle Inn in Receivership

Posted Wednesday, September 8, 2010

 E-mail this page    Printer-friendly page

Castle Inn

This has been a terrible old recession.

I don't remember one that has taken so many businesses down with it - and it is nowhere near finished.

The latest is the Castle Inn in Greencastle.

I'm told, by several sources, that it has gone into receivership.

Caiseal Mara

It joins the Caiseal Mara in receivership.

As with the Caiseal Mara and McGrory's in Culdaff the likelihood is that it will remain open as it would be much better for those that are owed money (the banks presumably) to sell it as a going concern.

Usually the big losers in a receivership are the owners.

They normaly lose the lot to whoever they owe money to.

No Change

The customers often don't notice anything different as the same people are still running the place.

Indeed it is often a good opportunity for those running an establishment to buy the place cheaply as all the bank usually want back is the money owed to them - although they would take more if they thought they could get it.

However, they don't usually want to own hotels, restaurants etc. very long as that is not their business.

So, they'll usually give a very good deal to anyone who wants to at leaast ensure that they get thir loan money back.

Growing Reputation

The Castle Inn had been getting a growing reputation as regards its food.

Very good reports had been coming out about it.

One hopes that it will continue as normal.

Town Clock

There is speculation also as to how that will affect the Town Clock.

It has the same owners - although it is part of a different company.

However that was the situation with the Caiseal Mara as well and people were saying the same things about that when the other McGhee Group hotels went into receivership.

Kept Open

It wouldn't affect whether the Town Clock stayed open or not as the same people would still lease it and keep it open.

They would just lease it from the bank or Receiver instead of the original owner.

So, we should see little change.

However, it is a bit worrying to see more tourist related businesses in trouble in the town.

If they are going under at the end of the tourist season what will it be like at the end of what looks to be going to be a very quiet winter for businesses in Moville?