Monday, January 4, 2010

Quick Update

I'm sick with some sort of headcold, but plowing ahead to get this restaurant offer firmed up already, and wanting to share updates.

Basically we're waiting to hear back from the AGCO (Alcohol and Gaming Commission of Ontario) as to what constitutes 'food items'. See we were surprised to learn just before Christmas that the landlord of the restaurant we are trying to buy, won't transfer the lease to us unless we transfer the liquor licence.
We're not too keen on liquor, so we asked why. Apparently there are some grandfathered clauses that have allowed the licence to be transfered from owner to owner, without major updates to the building.
To let it expire now, would mean the next tenant who wanted it would need to pay for extensive renovations to get the building up to code.

Seeing as how this is purely for the landlords benefit, we said if they'd pay for it and we don't have to hugely alter our plans, we can work with it.

So it turns out to hold the licence you have to actually offer alcohol for sale. The plus is there is no minimum, so we can have one bottle we keep below the bar, and don't advertise. The kicker is you need '5 light food items' offered for sale as well. What we're waiting to hear back on is if baked goods are considered 'food items'.
If yes, it's a go, we can continue with the offer.

If not, we're back on the hunt. We love this place in Cabbagetown, we really do. It wouldn't be fair to our vision however, to turn it into a restaurant solely for the landlords convenience for his next tenant.

Other than that we've got some issues with the equipment we're ordering, and required deposits. Shortly all to be worked out though, fingers crossed.

That's whats been happening our our world lately - we hope you all had a very Merry Christmas, and Happy New Years!


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