While emerging strongly from the pandemic with the help of covid state support, the group said its recent decline in turnover was attributable to a reduction in the number of customers during the year.

"This reduction in volume is the result of an overall decline in the market with reduced customer spending capacity being prevalent due to ongoing inflationary pressure," it said in its financial statement.

The group's pre-tax profit totalled just over €1m in the twelve months ending in March, down from €4.5m in 2023.

The bar group also reported an increase in the price per unit of alcohol as a result of rising inflation, citing the ongoing war in Ukraine which has "constricted supply of certain goods and services." 

The group's average staff numbers decreased significantly in the year, falling from 225 employees to 134 in the twelve months to March, while staff costs decreased from €4.8m to €3.2m in the period. 

In March this year, it was reported that European investment firm Attestor was closing in on a deal to acquire Reardens and the Oliver Plunkett. 

The deal, estimated to be worth €30m, has since been notified to the Competition and Consumer Protection Commission (CCPC).

Attestor Capital is a private equity group with a fund of up to €900m to invest across several sectors. It has spent up to €100m to date in Dublin, with its largest purchase being the Brazen Head on the city quays for approximately €16m, and the Bleeding Horse which was acquired for over €9m.

In Ireland, they commenced trading in May 2021 and currently own eight bars and two hotels in Dublin.

Along with the acquisition of Reardens of Washington Street and the Oliver Plunkett at the city centre's eastern end, both to be purchased from Kmont Property Holdings Ltd, the deal also includes the nearby Chambers Bar on Washington Street from Radius Pie Limited.

Reardens comprises a bar and three nightclubs in a four-storey building. The Oliver Plunkett comprises three bars in a three-storey building while Chambers comprises a late disco bar on the ground floor of a building at Courthouse Chambers.

Director of Reardens of Washington Street, Margaret Keneally acquired full ownership of the venues in 2019 following a buy-out and restructuring process.

Following the completion of the transaction to sell the trading companies, Reardens said it is proposed that the trade and assets of these companies will be transferred, and the companies will be liquidated within the next 12 months. 

Speaking on future developments, the group said it will continue to earn rental income from its investment property but will cease to operate public houses and will instead provide management services to public house operators.