Why exercises in teambuilding invariably score an own goal

Date Published: {J}

By Darragh McDonagh

One of the largest and best-known nightclubs in Galway city has gone into receivership after a bank moved to recover a €5 million debt.

The GPO on Eglinton Street was seized by Bank of Scotland (Ireland) last week as concern grew over its exposure to the popular venue.

The lender moved against Freestand Ltd, the company behind the nightclub, on foot of a charge against its assets. A receiver has been appointed and the club will continue to trade while a buyer is sought for the city centre premises.

Publican Noel O’Dwyer and Michael Gilmore, an accountant, are listed as directors of Freestand Ltd. Mr O’Dwyer’s other interests include Sally Longs bar on Upper Abbeygate Street.

He is also listed as a director of three companies which are currently in liquidation; Coach House Hotel Ltd, Club Pi Ltd and Kings Valley Hotel Ltd.

The GPO was established in 1994 and was renovated and re-launched as recently as last year.Kieran Wallace, head of insolvency at KPMG accountants, has been appointed as receiver by Bank of Scotland (Ireland).

Read more in this week’s Connacht Sentinel