The Duke’s group of restaurants in Chiang Mai is up for sale only a few months after ‘former’ investor Mark Hutcherson, one of the ‘Big Five’ boiler room kings in south east asia died after returning to Texas.
While this has led to speculation Managing Director David Anichowski is anxious to point out that while Hutcherson had invested in one of the establishments in the Night Bazaar and wanted to invest in new ones. Hutcherson had invested before he had found out about his boiler room activities – and he was bought out of the original investment some three years ago.
Planned further investments never went ahead due to problems with Hutcherson’s Thai wife, who at the moment is trying to secure his aasests.
The group comprises Duke’s
Grill and Bar, The Duke’s Promenada, The Duke’s MAYA and The River Market – all already have other investors.
“The Duke’s is never going to sell. I put the restaurants up for sale because I’d like to move back to the US to be close to my kids. Our ideal buyer is a group of Thai businessmen…..I’m tired and would love to retire and settle back,” said Anichowski.
Hutcherson, who was the subject of a kidnap attempt in Bangkok, which led his wife to pay out over US$400,000 to rogue Thai police who were the kidnappers, was more recently in partnership with Briton Paul Hilton, real name Hayward.
He had also invested in the Dallas Steak House in Bangkok which failed and was part of the Eclipse Group.
Hayward himself is the owner of the master lease of the Nana Entertainment Plaza sex ghetto of Bangkok, and possibly a large part of Crawley Town Football Club in the UK (though not on paper) and has recently re-invented himself as an entrepreneur in the nightclub business.
A current advert on Craigslist states
“Well Established American Style Restaurant Chain NT-15-255
Sold as one sale will NOT sell separate. 172.5 mTHB
4 restaurant locations with 5 separate businesses.
**One business is an Amity company that could be used as an umbrella to have no Thai partners for a US citizen.**
The other 4 businesses are Thai Co., Ltd.’s with net capital of 4 million Baht each.
Each of the restaurants has constant positive cash flow and has a very good reputation.
All within the city limits of Chiang Mai 3 located in busy shopping malls and one on the river.
Restaurants basically run themselves with full trained loyal staff.
1 of the companies is the management company that runs the business side of the 4 restaurants.
Very popular and profitable business and get offers every week to open in other locations.
|Hutcherson kidnapped by Thai police|