Olivia Gaynor Long has taken over as operator of Residence , the private members club on St. Stephen's Green

Members and suppliers have been told they were, as of Wednesday of this week, to deal with a recently-formed company called Molana Ltd, which is wholly owned by Ms Gaynor Long.

The new owner, who has an address in Monaco, bought the business from receiver Jim Stafford. He was appointed to Missford Ltd by the High Court earlier this year on the application of Zurich Bank, which was owed €2.3 million secured against charges on the club’s premises, as well as personal guarantees from Simon and Christian Stokes, who established the club in 2008.

It is understood the Stokes brothers will be involved in the operation of the club. Derek Phillips will be chief operations manager for Residence.