Brisbane restaurateur calls in administrators after racking up debts of $2.6m

A LAMBORGHINI-loving restaurateur has called in administrators to take control of nine of his businesses after racking up debts of more than $2.6 million.

Administrators BRI Ferrier are investigating Asoka Alakahone’s companies AUA Group Pty Ltd and CRS Corp Pty Ltd, currently trading as the Ceylon Inn, Mexican restaurant chain Rosa Mexicano and La Bonita Gelato Bar at Graceville.

Documents reveal Mr Alakahone is sole director of the popular restaurants scattered through some of Brisbane’s most affluent suburbs. The Ceylon Inn restaurants at Kenmore, Toowong, Bulimba and Graceville claim to serve “the best curries Brisbane has to offer”.

Two of the Rosa Mexicano restaurants, at Rosalie and Graceville, have already closed. The other two are at Kenmore and St Lucia.

Both businesses have received awards in the 2013 Australia Restaurant and Catering Awards for Excellence and are finalists in this year’s awards.

BRI Ferrier has already listed the four Ceylon Inn restaurants for urgent sale as well as the La Bonita Gelato Bar.

“The four Ceylon Inn stores and the gelato store are being traded on while we attempt to sell those businesses as a going concern,” BRI Ferrier principal Ian Currie said.

Mr Alakahone is a well-known figure in Brisbane’s western suburbs, often seen driving his black Aventador Lamborghini, which administrators have confirmed he was leasing.

While the administrator combs over the entrepreneur’s business dealings, more than 80 jobs across Mr Alakahone’s business empire hang in the balance. Many of his staff are on temporary Australian visas.

“A lot of the staff are concerned because they’re on 457 visas and if they lose their employment and don’t find something else soon they will have to leave the country,” Mr Currie said.

A former long-term employee claimed he was made redundant in a staff meeting at Rosalie and Graceville last month. “They told us the company was losing money,” he said.

Mr Alakahone could not be reached for comment. The administrators were appointed late last month. The first creditor meeting was held last Friday, with the next scheduled for July 2.

Source:  Courier Mail - 11th June 2014