Tuesday, January 17, 2012

RM owner looking for partners?

Well, I was going to break my streak of Royal Mile postings by writing about a great dinner I had at Ren's Ramen on Friday night, but Good Eatin in Wheaton just posted a review of his recent visit there and kinda stole my thunder.  That will teach me to procrastinate on posting restaurant reviews!  With the cold weather we've been having, I think we're all in a "soupy" kind of a mood.

The Gazette reporter who covers Wheaton got in touch with me over the weekend about a story he's working on about the Royal Mile.  I'll post a link to that article once it's online.  The comments to Wheaton Patch's article about the Royal Mile have been dominated lately by someone named Charles Garris.  Garris makes several mentions in an "unofficial" capacity that the owner Mike Moore may be in the market for some financial partners.  He throws out the sum of $100k to buy in as a partner or $1.25 million to purchase outright.  He also mentions that the cost of purchasing the restaurant plus the land have ended up being more than the revenue the restaurant is bringing in, resulting in a negative cash flow.  I find it odd that a friend of the owner is posting this kind of information online, but hopefully he has Moore's blessing to be doing this.

So, if any of you have a spare $100k laying around, you could be the proud partial owner of a restaurant that is spending more money than it's making!  Seriously, though, I'm pulling for something to get worked out here to reopen the restaurant.

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