doiing
30th March 2009, 19:36
:|I would really appreciate your opinions and advice on a ridiculous situation!
4 months ago i was approached by a businessman investor from London who had purchased a derelict pub close to where I live in a re-generation area. He and his 2 business partners had renovated the building and intended to turn it into a pizza restaurant downstairs and rent out the two bedroomed flat upstairs. Failing to find anyone to lease the new building in the present climate they approached me, initially asking if I would be interested in running the restaurant for them as they felt it would be easier to sell as a going concern, I was offered a reasonable salary to do this & was asked to put together a business plan for the restaurant that I would have totally autonomy over. I came up with an excellent concept for the business, that should see a turnover in our first year,- and so it was suggested by the businessmen that this should become a partnership. They would invest money in the business to ensure its success, and I (having no cash to invest) should work fulltime, and the profits would be shared 4 ways. Once I was in the building I realised a lot of the building work was incomplete - no electricity upstairs, plumbing incomplete, no guttering & no fire or smoke alarms - therefore part of my business plan could not work - I couldnt rent out the upstairs and no bar licence was possible because there was no bar! I was told not to worry as these things would be completed. When I asked for the agreement of the partnership that I had been promised I was furious to be handed a lease agreement - £1000.00 per month for rent, an initial deposit of £2000.00 in cash, and the profits split 4 ways, bearing in mind - the salary I was initially offered was to come out of the new small business I had setup! I refused to sign the agreement as this was nothing like what was agreed, I would never have taken on such a business in a regeneration area, in the middle of recession having no capital of my own should things not work out, especially given the state of the building! I was told not to worry, just to see how things went with the business and then, if I felt it was working out, we could renegotiate! For the last 3 months I have ran the small business downstairs - I havent heard from my business partners, the work to the building remains unfinished and I have no agreement of any description. Since I told them the business was only just ticking over because the work needed to put my plan in place hasnt been finished, these guys have avoided contact with me. They promise to come and see me or call me back but never do! Without some sort of agreement in place I am vunerable but there was no way i was signing the first agreement - what do I do? Without an agreement they can close me down at anytime! help!!
4 months ago i was approached by a businessman investor from London who had purchased a derelict pub close to where I live in a re-generation area. He and his 2 business partners had renovated the building and intended to turn it into a pizza restaurant downstairs and rent out the two bedroomed flat upstairs. Failing to find anyone to lease the new building in the present climate they approached me, initially asking if I would be interested in running the restaurant for them as they felt it would be easier to sell as a going concern, I was offered a reasonable salary to do this & was asked to put together a business plan for the restaurant that I would have totally autonomy over. I came up with an excellent concept for the business, that should see a turnover in our first year,- and so it was suggested by the businessmen that this should become a partnership. They would invest money in the business to ensure its success, and I (having no cash to invest) should work fulltime, and the profits would be shared 4 ways. Once I was in the building I realised a lot of the building work was incomplete - no electricity upstairs, plumbing incomplete, no guttering & no fire or smoke alarms - therefore part of my business plan could not work - I couldnt rent out the upstairs and no bar licence was possible because there was no bar! I was told not to worry as these things would be completed. When I asked for the agreement of the partnership that I had been promised I was furious to be handed a lease agreement - £1000.00 per month for rent, an initial deposit of £2000.00 in cash, and the profits split 4 ways, bearing in mind - the salary I was initially offered was to come out of the new small business I had setup! I refused to sign the agreement as this was nothing like what was agreed, I would never have taken on such a business in a regeneration area, in the middle of recession having no capital of my own should things not work out, especially given the state of the building! I was told not to worry, just to see how things went with the business and then, if I felt it was working out, we could renegotiate! For the last 3 months I have ran the small business downstairs - I havent heard from my business partners, the work to the building remains unfinished and I have no agreement of any description. Since I told them the business was only just ticking over because the work needed to put my plan in place hasnt been finished, these guys have avoided contact with me. They promise to come and see me or call me back but never do! Without some sort of agreement in place I am vunerable but there was no way i was signing the first agreement - what do I do? Without an agreement they can close me down at anytime! help!!