Hello, I have made the decision to close my hospitality business – restaurant. All forward bookings have been cancelled. It was for sale for the 4 months prior to the covid19 crisis however then it had “worth”. Regular monthly function bookings and also advance bookings and a healthy turnover. It relies heavily on the tourist trade, both summer and winter as we are close to Tekapo and en-route to Queenstown. It is in a small older population community, so therefore don’t really have a local base to draw on. I am now wanting to get out, as I have another career that I can return to that offers a secure income. My main aim at the moment is to rescue what I can of the initial capital investment that I put in. I will put it up for sale on trade me for “offers” which will mean that the plant, fixtures and fittings will go to the new owner, but if it doesn’t sell (which I am not hopeful about) how do I get rid of all the plant, fixtures and fittings. Are there companies that can come in and buy all of this and remove it for them to resell/auction and are they going to want to buy it when they too have no certainty of resale in the current climate. We currently do not have any debts that we need to cover, as we are all up to date as of 20/4. The current lease expires 1 July and of course I will not be renewing it, although there is a right of renewal available 3 + 3. As I have said, all I really want to do is recoup some of my investment so that I do not lose the lot. Re-opening will result in the need for me to go into debt which I do not want to do. What is the best way for me to proceed?
Question submitted 22/04/20 @ 03:05pm
Food & Beverage