No change in BofI policy towards ‘distressed’ pubs
Fears that Bank of Ireland have adopted a new policy of repossessing ‘distressed’ pubs this year appear to have been somewhat wide of the mark.
17 February 2014
While Bank of Scotland Ireland had been repossessing licensed premises that had become insolvent in 2012 and 2013 with a view to selling them off, Bank of Ireland had refrained from such a policy in favour of trying to work out a mutually acceptable alternative.
However the recent repossession by Bank of Ireland of O’Dwyers of Kilmacud rekindled the worrying possibility that the Bank was going to move in on distressed pubs in 2104.
But Bank of Ireland has assured Drinks Industry Ireland that there has been no change in policy in regard to ‘distressed’ licensed trade premises.
A spokesperson for the bank told Drinks Industry Ireland that, “Bank of Ireland strives to come to sustainable working solutions with any customer experiencing difficulty. Repossessions remain a very last resort when all other options have been exhausted.”