Owner does not want to sell Bar Plazma

Owner does not want to sell Bar Plazma

Owner does not want to sell Bar Plazma

First published in News

A BUSINESSMAN has said he does not want to sell his popular bar – despite putting it on the market.

Fraser Donaldson said he is trying to raise cash to pay for Bar Plazma, in Wickford, to have a much-needed makeover.

He went to the bank but they said they could not give him the money he needed without proof the bar was worth what he was saying.

Mr Donaldson said an estate agent assessment was not enough and therefore decided to put it on the market to see what offers came in.

However, he has also admitted if someone offered him £295,000 he would not be able to turn them down.

He said: “From the outset, I would like to make it clear if someone was to offer me more than £295,000 I would sell the business, because no one can turn that down.

“But what we are trying to do is raise money to pay for a refurbishment.

“It has been five years since it has had one and it’s needed.

“We have gone to the bank and they will lend us money, but it’s not enough and if we can get confirmation of the bar’s valuation through a real offer such as £250,000, then we can borrow up to that amount from the bank.

But they want the proof first.”

The Echo revealed last week Bar Plazma, in the High Street, had been put on the market.

Comments (8)

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9:14pm Wed 30 Jul 14

Robin Reliant says...

so advertising something thats not available, surely thats wasting peoples time and is that even legal?
so advertising something thats not available, surely thats wasting peoples time and is that even legal? Robin Reliant
  • Score: 5

9:16pm Wed 30 Jul 14

Howard Cháse says...

I'll give him a tenner for it.
I'll give him a tenner for it. Howard Cháse
  • Score: 5

9:19pm Wed 30 Jul 14

Robin Reliant says...

second bid £1000.
second bid £1000. Robin Reliant
  • Score: 5

9:34pm Wed 30 Jul 14

lucy10 says...

bull s@it
bull s@it lucy10
  • Score: 3

11:06pm Wed 30 Jul 14

Democrat says...

Here is some advice Fraser. Ask around your friends, and find one with a daughter or son in Year 10 or 11 who is taking GCSE Business Studies. Ask them to do you a marketing and business plan because you obviously haven't a clue.
Here is some advice Fraser. Ask around your friends, and find one with a daughter or son in Year 10 or 11 who is taking GCSE Business Studies. Ask them to do you a marketing and business plan because you obviously haven't a clue. Democrat
  • Score: 4

1:12am Thu 31 Jul 14

BasildonDond says...

Hey, just a thought but why not re-invest some of the profit from the last 5 years business ?
Hey, just a thought but why not re-invest some of the profit from the last 5 years business ? BasildonDond
  • Score: 5

6:56am Thu 31 Jul 14

Kim Gandy says...

How about trying a different bank?
How about trying a different bank? Kim Gandy
  • Score: 1

7:47am Thu 31 Jul 14

Robin Reliant says...

BasildonDond wrote:
Hey, just a thought but why not re-invest some of the profit from the last 5 years business ?
probably running on a shoestring, and the banks know it, they are not taking a chance here as they don't want to end up with a Lemon, even if some 'prospective buyer' pops up with the asking price, not a great advertisement for the whole thing.
[quote][p][bold]BasildonDond[/bold] wrote: Hey, just a thought but why not re-invest some of the profit from the last 5 years business ?[/p][/quote]probably running on a shoestring, and the banks know it, they are not taking a chance here as they don't want to end up with a Lemon, even if some 'prospective buyer' pops up with the asking price, not a great advertisement for the whole thing. Robin Reliant
  • Score: 2

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