The city’s most famous restaurant has dodged £1.2 million of debt after the owner re-purchased his own premises from Christies auctioneers, the Citizen can reveal.
The landmark Jaipur restaurant was sold this week to a consortium led by former director Adbul Ahad, who just two months ago put the company into liquidation.
The move was “perfectly legal”, according to official liquidators Opus Restructuring.
Now, with his Jaipur Restaurant Ltd company dissolved, Mr Ahad will form a new company to continue running the premises.
His family and members of the Bangladeshi community rallied round to raise well over £1 million to beat 12 other bidders and buy the CMK premises back from Christies.
Meanwhile Jaipur’s former bank Santander is almost certain to lose the £1 million it loaned as a mortgage, while other assorted creditors are owed around £200,000.
“Sadly it is unlikely that there will be any significant recovery for these creditors,” said Opus spokesman NickHood. Opus say the “rescue” of Jaipur, which includes the Orchid lounge, is a success story and the building was bought fairly and legally.
Liquidator Tim Dolder told the Citizen: “We are pleased that there has been so much interest in buying this building and delighted that our agents have been able to agree a deal, which is well in excess of the asking price.”
“Better still this rescue has saved a major amenity a landmark building in the centre of Milton Keynes.