hi guys, as some of you know the family restaurant has been in little trouble recently with my dad taking loans against it for property building in cyprus, with the market over there going **** up it had an affect on the restaurant with big monthly instalments having to be paid back to the bank it was a struggle for the last 8 months.....
it led to my dad having a heart attack and me pulling in silly hours to save on staff at some point, while the restaurant was/is very successful (been there 18 years) it was too much work.....
we had 2 options recently, the bank in cyprus offered to buy the land and already half built property in cyprus for a low fee but a fee that lifts the loan from the restaurant....also we had people offering to take the restaurant on and pay us rent....
many people would have taken 1st option that way it keeps them in a job and debt free but with the stress and me not loving the job just doing it as it seemed the "easy" thing to do at the time we have decided to take both and get out....
had offers from people who we know that want to carry on running it as it is but in the last month costa coffee have approached us...the restaurant along with 2 flats above is ours, its freehold with nothing now owning on it so the costa offer was better for us as they are more reliable and easier to collect rent, if a little less rent then leasing it as a restaurant with a reputation
they want it for 8 years and being a double shop the rent is good enough to give to my dad for his retirement and the 2 flats upstairs is what ill be living off (£800 pcm each) till a new career comes my way, not a lot of money but with a bit of savings i have should be alright if tighten the belt for a bit.....
we had the meeting yesterday and its in the hands of our solicitors and should be going ahead early next year....its a huge relief and im really happy about it, brought a lot of stress and now im about to start my life as a married man i realised i need something that does not keep me working at nights so i can enjoy kids in the future..any jobs going im here guys!!
thanx to those that gave me excellent support and advice, you know who you are!!
it led to my dad having a heart attack and me pulling in silly hours to save on staff at some point, while the restaurant was/is very successful (been there 18 years) it was too much work.....
we had 2 options recently, the bank in cyprus offered to buy the land and already half built property in cyprus for a low fee but a fee that lifts the loan from the restaurant....also we had people offering to take the restaurant on and pay us rent....
many people would have taken 1st option that way it keeps them in a job and debt free but with the stress and me not loving the job just doing it as it seemed the "easy" thing to do at the time we have decided to take both and get out....
had offers from people who we know that want to carry on running it as it is but in the last month costa coffee have approached us...the restaurant along with 2 flats above is ours, its freehold with nothing now owning on it so the costa offer was better for us as they are more reliable and easier to collect rent, if a little less rent then leasing it as a restaurant with a reputation
they want it for 8 years and being a double shop the rent is good enough to give to my dad for his retirement and the 2 flats upstairs is what ill be living off (£800 pcm each) till a new career comes my way, not a lot of money but with a bit of savings i have should be alright if tighten the belt for a bit.....
we had the meeting yesterday and its in the hands of our solicitors and should be going ahead early next year....its a huge relief and im really happy about it, brought a lot of stress and now im about to start my life as a married man i realised i need something that does not keep me working at nights so i can enjoy kids in the future..any jobs going im here guys!!
thanx to those that gave me excellent support and advice, you know who you are!!
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