Man your pumps, Wetherspoons are coming

Blut2

https://www.boards.ie/discussion/comment/121880526#Comment_121880526

They bought their property in Blackrock in Dublin for €1.5mn in late 2013, and sold it for "in excess of €2.5mn" in late 2021. I wouldn't be surprised if it was a similar case of big property valuation increases being a factor in why they sold up in Waterford too.

breezy1985

https://www.boards.ie/discussion/comment/121880746#Comment_121880746

Haven't been to any of the Dublin ones but they do look nice enough.

The reputation and my experience of them is from much older pubs than the Dublin ones and areas far more run down than a financial district or Camden St.

Most I have been to just looked very worn and neglected.

Marcusm

https://www.boards.ie/discussion/comment/121880857#Comment_121880857

€1.5m to buy Tonic plus a reported €1.5m cost to convert to Three TunnTavern does not lead to a profit when sold for €2.5m!

Blut2

https://www.boards.ie/discussion/comment/121890772#Comment_121890772

Money spent on any renovation in 2013 is a long sunk cost as far as the business is concerned by 2021, its irrelevant.

The point was by 2021 the valuation of the property was extremely high, to the level where the accounting equation for X amount of profit per year vs taking "in excess of €2.5mn" in cash instantly was a very different trade-off.

irish_goat

Inflation has hit in Belfast, guest ales are now £2.73/€3.20, a massive 60c more expensive than Dublin!

JCX BXC

https://www.boards.ie/discussion/comment/121927591#Comment_121927591

Economies of scale perhaps, only 1 pub vs how many in Dublin.

irish_goat

https://www.boards.ie/discussion/comment/121927802#Comment_121927802

Possibly yes. Just checked on the app and it's £1.99/€2.32 in the other Spoons up north. I'm never near those though.