The restaurant which is close to the Capital FM Arena is a purpose built facility which opened 18 months ago following a fire which destroyed their old site, just across the road. The restaurant has a total capacity of 120 covers spread across two floors and has traded very well since re-opening, benefiting from visitors to the arena, as well as establishing a returning trade from Nottingham residents.
Looking to cement the growth of the business, Mr Cheung was very keen to take advantage of the opportunity to purchase the freehold when it was presented to him as he sees a very strong future for the restaurant. NatWest has become the restaurants new banking partner, providing a debt package to support the freehold purchase, as well as providing day to day banking services. They have stepped in to support Mr Cheung after his previous bankers were unwilling to finance his plans.
Speaking about his decision to purchase the freehold, Alan Cheung, proprietor of the Mandarin Restaurant said: "I have been delighted by our level of trade since we re-opened after the fire. We are in a fortunate position to be based close to the arena, but our menu and quality of food has also built up a strong regular client base. The purchase of the freehold demonstrates our commitment to remain in Nottingham, and indeed we hope to grow our trade even further in the coming years."
Paul Burrows, senior relationship manager, commercial banking at NatWest who structured the funding adds: "Purchasing the freehold provides more strength to the business adding to their asset base. It also allows Alan to plan confidently for the restaurants future."
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