In the late nineties there was a lot of froth blowing around the pub ‘n grub industry. One of the big movers and shakers was entrepreneur Basil O’Hagan, who tested the limits with a forecast that his fast growing O’Hagan’s pub chain could top 150 outlets by 2001.
Unfortunately by 2001 O’Hagan’s – which was formidable enough to be listed on the JSE – was suffering from a debilitating debt hangover caused by an expansion binge (which included shifts into other branded restaurants like Baron’s).
The group was placed into liquidation, and O’Hagan – who at one stage held a net worth of over R100 million – was shuffled off the JSE with barely enough to buy a round of Guinness.
But it seems O’Hagan – who must have learnt some harsh lessons about gearing up a fast growing business in late nineties – has quietly been re-establishing himself on the pub grub scene (see our separate report on the latest developments at Kingco below).
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