Co Down pub and restaurant acquired in six-figure deal
Caorlan McAllister and his wife Ciara completed a management buyout with the support of Ulster Bank, acquiring the licence and trading premises.
Caorlan, who had taken over the lease of the Banbridge venue in September 2020 with his then-business partner Gavin Bates, said the deal created a solid base for growth.
“We took a gamble on the business after its initial closure in March 2020. It was a challenging time for hospitality, but the response from the community when we reopened was overwhelmingly positive,” he said.
“That response and regular custom sustained us. We’re very proud of how far we’ve come and are hopeful for the road ahead, especially with my wife, Ciara, supporting me at the helm of the business as we continue to grow.
“We’re stronger than ever before and with Ulster Bank’s support we’re equipped and ready to start writing the next chapter for The Halfway House.”
Ulster Bank business development manager Lee White said: “The transformation of The Halfway House over the past four years is testament to the resilience of Caorlan and his team as they navigated the immensely challenging market conditions facing the hospitality sector.
“We’re pleased to provide the funding to support the acquisition of the licence and premises, which offers the business greater security and opens up new opportunities for growth and development.”
Mr McAllister said his focus was now on making the business as sustainable as possible, and on creating new streams of revenue. “The cost of doing business is high, so we’re exploring cost-saving measures, including solar energy and improved heating systems, to help combat rising energy costs.
“We’re also looking at new ways to really drive our tourism offering in the warm season as well as further investment in our function rooms to accommodate private hires.”
But he said the business remained conscious of financial pressures on its customer base.
“Over the last six months we’ve frozen our menu prices, even with additional cost pressures on the business. It’s part of us giving back to the community. We’re committed to providing an affordable entry point for diners and are seeing many happy customers returning.”
