Wed, 09 Jun 2021 | BUSINESS SALE
One of Manchester's biggest Indian restaurants has been put up for sale following a dispute between the restaurant's founders. Royal Nawaab, the buffet restaurant and banqueting hall based in Levenshulme, has been at the centre of a court dispute after founders Tariq Mahmood Malik and Mahboob Hussain Junior fell out.
Tariq has previously offered to buy out Mahboob for £2.2 million, but this was rejected by Mahboob's lawyers who sated that it was "unacceptable" and not considered a genuine offer do to the nature of the pair's relationship.
Following an unsuccessful £2.2 million buyout offer from Malik, Manchester Civil Justice Centre High Court Judge Stephen Davies, has ruled that the property - including 50 per cent of the company - must be put on sale in a process bounded by the court's terms.
"The court has a discretion not only as to whether or not to order a sale, but also the manner in which any sale should be conducted," Judge Davies added. The judge added that he would order a "full and fair" valuation of the Royal Nawaab property.
Royal Nawaab has been one of Manchester's most popular Asian restaurants since it was opened in 2003. Before the COVID-19 pandemic led to restrictions that forced the restaurant to temporarily close its doors, the business had seen great success as a casual dining venue and a popular takeaway. The restaurant had also taken advantage of local demand for large-scale events such as weddings.
View the latest distressed UK businesses here.
One of the best ways to find properties below market price is to look at recent administrations.
Offering for sale this Japanese restaurant with alcohol license till late. The current owners have invested heavily in new equipment, fixtures and fittings. The ground floor & basement premises are significant in size and the new owner may consider d...
LEASEHOLD
Impressive single fronted premises all newly fitted approximately few years ago. Open plan kitchen area with stainless steel extractor system, stainless steel cladding to walls.
LEASEHOLD
Seeking parties interested in the purchase of the business and assets of an independent café and brand located in Bristol.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.