insurance executive Mr. Tom Gallagher.

Harbourside Holding Ltd. successfully negotiated the purchase of the pub at price, which is said to be "considerably less than $1 million''.

The new owners, said they have no dramatic plans to restructure the restaurant and pub, other than add a sports bar and develop the restaurant.

The individuals involved are Mr. Gallagher, Mr. Mickey Adderley and Mr. Barry Kessell, who have pledged not to change Flanagan's name.

The same management team, comprising Mr. Donald Hassell, general manager, and Mr. Michael Young, responsible for cash administration will run Flanagan's.

All current staff will retain their jobs.

The new owners shift the Bermudian interest to 86.

66 percent, said the group's lawyer Mr. Joseph Wakefield.

He said that the group has not purchased a company, but will incorporate Harbourside Holding Ltd., which will become the new owner.

"The new owners view the purchase as a good business opportunity,'' said Mr.

Wakefield. "They see the Bermuda economy and tourist numbers improving. There is no emotional content to the purchase. It is a business proposition,'' he said.

The previous owners, Mr. Eddie Keane, Mr. Jack Flanagan and Mr. Hassell, could not be reached for a comment.