Landmark Freo restaurant Mussel Bar put in voluntary liquidation
FREMANTLE’S harbour-front Mussel Bar Restaurant has closed its doors and the company that owns it placed in voluntary liquidation.
Nedlands-based liquidator Simon Coad was appointed to oversee the winding up of the company, Adatanet Australia Pty Ltd, on July 28.
Asif Mahmood, who owned the restaurant with his wife Rumana Chowdhury, said he was saddened by the closure.
He said high rent, a softer economy and new restaurants opening in Fremantle had all impacted on the business he bought two and a half years ago.
“We’ve lost around $200,000 each year for the last two years,” he said.
Mr Mahmood said the restaurant had been turning over about $2.2 million a year four years ago, but revenue had steadily fallen to about half that amount.
Rent at the site was about $24,000 a month.
“I thought I could turn it around,” he said. “But unfortunately I didn’t understand the situation with the rent and wages. I tried. The rent has to go down there.”
Mr Coad said the Mussel Bar was expected to owe up to 30 creditors, with most of the money owed to brewer Lion Nathan, who had the lease on the site and from whom the restaurant site was subleased, and to the Australian Taxation Office.
About 10 restaurant workers are thought to have lost their jobs and to be a total of about $20,000 out of pocket.
Mr Coad said it was too early to comment on how much creditors could expect to get back in the dollar, but it was likely to be minimal and said they hoped to sell the business name, which is well known in Fremantle.
Source: Perth Now, Wendy Caccetta, 9th August 2015
Originally published as: Landmark Freo restaurant Mussel Bar put in voluntary liquidation
