One of Perth’s harbour front restaurants, Fremantle’s Mussel Bar will be closing its doors permanently after being placed in liquidation.
Co-owner of the restaurant, Asif Mahmood says that rising rents, increased competition and a softer economy had all contributed to the closure of the venue.
“We’ve lost around $200,000 each year for the last two years,” Mahmood told Perth Now.
“I thought I could turn it around but unfortunately I didn’t understand the situation with the rent and wages. I tried. The rent has to go down there.”
Mahmood says that four years ago, the restaurant was turning over $2.2 million annually – a figure which had been cut in half in recent years. Rent at the site is currently $24,000 per month.
Appointed liquidator, Simon Coad says that the restaurant is expected to owe money to 30 creditors – the largest of which being brewer Lion Nathan.
Around 10 restaurant workers are believed to have lost their jobs as a result of the closure and are expected to be owed around $20,000 in wages and entitlements.
Speaking with Perth Now, Coad says that it was too early to comment on how much money creditors could expect to get back as a result of the liquidation.
