Banquet operator owe $10million to foodstaller,KAPUT!

[songsongjurong]

http://www.straitstimes.com/breaking-news/singapore/story/winding-order-seals-demise-banquet-20140222


A winding-up order has been served on Banquet Holdings, putting the final nail in the coffin of the beleaguered foodcourt chain.

Once Singapore's largest halal foodcourt operator, it now owes creditors about $15 million. Of this, $10 million is due to stallholders, a source close to the company told The Straits Times.

Banquet, which first opened in 1999, closed its final five outlets, including those at VivoCity, HarbourFront Centre and Jurong Point, three months ago. At its peak, it ran 46 outlets across the island.

But rising rentals and wages led to cash flow problems in 2010
Rise and fall of halal foodcourt chain

1999: Opens first outlet in Jurong Point mall.
2005: Foodcourt No. 16 opens in Clifford Centre.
At 2,400 sq m, it is Banquet's largest outlet and is double the size of typical foodcourts.

2006: The $2.3 million Kopitiam/Banquet foodcourt, covering 2,230 sq m, opens at VivoCity.
2012: From a high of 46 outlets, Banquet cuts back tojust 14.
2012: Kopitiam, which owns half of Banquet, divests its shares to Banquet Holdings.
2013: In June, only five Banquet outlets are left.
By the end of November, they have been closed, with Kopitiam taking over the outlets at VivoCity, HarbourFront Centre and Jurong Point.

 

[songsongjurong]

Get ready for FoodRepublic expensive prices...
Thought Banquet had tag team with Kopitiam group...

 

[nutbush]

quite surprise to hear this piece of news, running a business in s'pore is very expensive and like gambling, only those with ample funds can do so. they should just have applied to file for IPO when they have the means to.

 

[Narong Wongwan]

Heard Banquet is related to some vile pappy cronies....
Owe 15 million sweep backside walk away

 

[I_Hate_Pappies]

I think they were too aggressive in their expansion.

 

[Poomer]

http://www.straitstimes.com/breaking-news/singapore/story/winding-order-seals-demise-banquet-20140222


A winding-up order has been served on Banquet Holdings, putting the final nail in the coffin of the beleaguered foodcourt chain.

Once Singapore's largest halal foodcourt operator, it now owes creditors about $15 million. Of this, $10 million is due to stallholders, a source close to the company told The Straits Times.

Banquet, which first opened in 1999, closed its final five outlets, including those at VivoCity, HarbourFront Centre and Jurong Point, three months ago. At its peak, it ran 46 outlets across the island.

But rising rentals and wages led to cash flow problems in 2010
Rise and fall of halal foodcourt chain

1999: Opens first outlet in Jurong Point mall.
2005: Foodcourt No. 16 opens in Clifford Centre.
At 2,400 sq m, it is Banquet's largest outlet and is double the size of typical foodcourts.

2006: The $2.3 million Kopitiam/Banquet foodcourt, covering 2,230 sq m, opens at VivoCity.
2012: From a high of 46 outlets, Banquet cuts back tojust 14.
2012: Kopitiam, which owns half of Banquet, divests its shares to Banquet Holdings.
2013: In June, only five Banquet outlets are left.
By the end of November, they have been closed, with Kopitiam taking over the outlets at VivoCity, HarbourFront Centre and Jurong Point.

Looks like Kopitiam put the nail in the coffin. Probably buy Kopitiam's share at reduced price while taking even more debt. Smart move by Kopitiam, less than 2 years ago nia.

 

[congo9]

Looks like Kopitiam put the nail in the coffin. Probably buy Kopitiam's share at reduced price while taking even more debt. Smart move by Kopitiam, less than 2 years ago nia.

Banquet absconded the money and run road.
For Banquet, they are acting like our few large construction company and 5 star tour agency, collect more money and file for bankrupt.

The disease spread like wild fire.

 

[I_Hate_Pappies]

Looks like Kopitiam put the nail in the coffin. Probably buy Kopitiam's share at reduced price while taking even more debt. Smart move by Kopitiam, less than 2 years ago nia.

Ironically, the rise of Banquet was also due to Kopitiam.

 

[laksaboy]

People should learn to stop patronizing food courts - an utter rip off.

Resist the temptation when you're at a mall. For example, if you're at Vivocity go eat at Seah Im Food Centre. I'd rather you splash the cash and dine at a proper restaurant (e.g. Brotzeit) than at foodcourts.

 

[Froggy]

Halal food court is it owned and managed by mats? Just curious nothing sinister.

 

[I_Hate_Pappies]

Halal food court is it owned and managed by mats? Just curious nothing sinister.

Chinese owned and managed.

 

[Narong Wongwan]

Chinese owned and managed.

Chinese Moslems? Heard its pappy cronies.

 

[eErotica69]

Banquet's food taste horrible

 

[Narong Wongwan]

Banquet's food taste horrible

Except for malay and Indonesia food....how can halal versions of traditionally non halal dishes taste good? Once you substitute the pork out....many hawker dishes cmi already.

 

[laksaboy]

Many of Singapore's good food are good precisely because they are not halal. You put the halal in = you take the fun out.

Halal food to the non-Muslims is nothing more that a midweek lunchtime distraction. We appreciate some culinary aspects of it, but we're not going to eat it regularly. Deal with it.

 

[laksaboy]

Except for malay and Indonesia food....how can halal versions of traditionally non halal dishes taste good? Once you substitute the pork out....many hawker dishes cmi already.

Even the Malay and Indon food are crap. I tried ayam penyet at a Banquet stall once. It was crappy. I would rather dine at Ria.

 

[JHolmesJr]

For example, if you're at Vivocity go eat at Seah Im Food Centre.

Seah Im is the only place in sngaporeIve been where a large sugarcane juice costs $1.

But I suspect the two old fucks who run it are watering it down.

 

[bushtucker]

good riddance. how can you not have lard infused char kway teow and bak chor mee?

 

[laksaboy]

Seah Im is the only place in sngaporeIve been where a large sugarcane juice costs $1.

But I suspect the two old fucks who run it are watering it down.

The sugar cane juice is still not as diluted as in other places.

Also, it is still being served in big glass mugs. Can't say the same for many other places.

 

[tonychat]

IF they sell vegetarian food, they will not close shop.