A failed cafe has cost a Dunedin businessman his “entire life savings” and left his company owing nearly $500,000.
Jonathan Lyons said the ongoing costs of running Copper on Highgate, which he bought in July last year, factored “100%” into the decision to liquidate his company.
The cafe stopped trading in mid-April.
“If we hadn’t have bought Copper, I would have made $100,000 profit this year.”
Kingston HQ Ltd was placed into liquidation this month by shareholder resolution, with Bryan Williams, of BWA Insolvency, appointed liquidator.
The liquidator’s first report, released this month, said the company owed $490,746.84.
Among those left out of pocket were at least five Dunedin businesses and the previous owner of the cafe,…
