Nahji Chu buys MissChu business back out of administration
Troubled Vietnamese restaurant chain MissChu has been sold to a company controlled by MissChu founder Nahji Chu for an undisclosed price.
KordaMentha confirmed the sale of the MissChu business this morning to MissChu Holdings, a company controlled by the Mawson Group and Nahji Chu.
Rahul Goyal and Janna Robertson of Korda Mentha were appointed as administrators of MissChu in December last year.
The MissChu business operates six retail tuckshops and a catering business in New South Wales and at its height it was turning over $20 million a year.
The Melbourne MissChu businesses were not affected by the voluntary administration and the London store closed in January.
Chu fought hard to save her business, launching a #weneedchu campaign on social media in an attempt to keep her business afloat.
She has previously blamed the Australian Tax Office for the collapse of MissChu, an allegation the ATO strongly disputed.
The sale to Chu followed what KordaMentha described as an “extensive marketing campaign” where approximately 60 expressions of interest were received.
KordaMentha sought final offers from the preferred bidders and proceeded to accept the best offer that was able to be completed.
The settlement is due to take place in about 15 business days.
Goyal said in a statement that the administrators conducted an “extensive marketing campaign”.
“KordaMentha conducted a broad sale process, and we are pleased that the business can continue as a going concern and that jobs could be preserved,” he said.
Goyal said a scheduled report to creditors and second meeting of creditors will provide further information on the likely outcome for unsecured creditors and employees from the administration.
Sixty employees were terminated in January.
KordaMentha said all the New South Wales outlets would remain open.
SmartCompany contacted Chu for comment but did not receive a response prior to publication.
This article first appeared on SmartCompany.
