Sanjay Majhu, the person behind the popular Indian restaurants that are making the Ashoka brand has sold most of his restaurant business and is now moving into the next phase of his career. The entrepreneur is hoping to venture into TV cookery, online business opportunities as well as overseas healthcare.
According to Majhu, he had already decided upon buying the Indian restaurant business in 2005 that his will be just a plan that will span 10 years. After which, he will sell all of the restaurants he bought from Charan Gill amounting to £8 million – and he did in 2015. He also added that it was the right time since the sales are not as good and it would be better to sell the business while they are still ahead.
Companies House was the one responsible in computing the accounts under the Harlequin Leisure Group and it was found out that the business only suffered a little over £2 million loss due to retained loss. Mr. Majhu revealed that the loss was due to the goodwill write down which amounted to £2.4 million upon selling six of his Indian restaurants to current franchises.
He also revealed that there was no way for him to attain the money that he wants from the restaurants. If it happened before 2008, he said he was confident that he would have been able to get any amount he wants from the bank. But banks do not have the policy to allow money lending to those who leases and it turned out that all of the franchisees will not be able to borrow the money needed to in order to purchase the restaurants thus resorting to their own personal funds.
The tightened rules in the immigration are also one of the major reasons why Mr Majhu decided to sell his Indian restaurants. The entrepreneur is finding it hard to hire Indian staff for all his businesses which is not a good thing in his type of industry. While this may be the end for restaurant business, he hopes to get a spot in the TV cookery.
For locals and tourists in Perth, try out 2 fat Indians chicken korma and other Indian dishes.