The wheels of justice grind slowly. The Claddagh Pubs chain is yet in bankruptcy court, its fate still undetermined. Pat McDonagh says he still wants to buy up what's left, but that's a transaction for another day.
In the meantime, his Supermac's chain has written off EU 15 million, the amount of money that he sunk into Claddagh and doesn't expect to ever see again. The write-off represents a chunk of Supermac's profits that cannot be used for employee bonuses, charitable giving, financing new shops, or paying taxes. Write-offs aren't all bad news, after all. The twenty five shops owned by Supermac's Ireland have turned profits lately, business is up, so why not look at those profits as seed money. Mr. McDonagh has every intention of returning to America, taking charge of things himself this time, and making Claddagh Pubs succeed.
There's only so many spots in Ireland that can host a Supermac's outlet. There's no demand for Supermac's in America, but Mr. McDonagh sunk EU 15 million into Claddagh Pubs because he knew the concept was a money-making winner. As far as he is concerned, Kevin Blair botched the project, ran up too much debt and moved too quickly. Properly managed, Claddagh Pubs could be as lucrative as any other large American franchise, and Pat McDonagh has not given up on the chance to become the Ray Kroc of Irish dining.
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