Mercado food hall owner Thieu They Nguyen was financially bailed out by his mother last year
The young Vietnamese entrepreneur who just presided over the collapse of Brisbane’s ritzy Mercado shopping and dining hall this month has previously been financially bailed out by his mother.
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RESCUED BY MUM
The young Vietnamese entrepreneur who just presided over the collapse of Brisbane’s ritzy Mercado shopping and dining hall this month has previously been financially bailed out by his mother.
City Beat spies tell us that Thieu They Nguyen, a 27-year-old who goes by the name Tony, formerly operated the Asian Village Supermarket at Sunnybank Hills.
Our well-placed sources say when he was months late paying a supplier last year, his mum intervened to settle the debt of about $11,500.
After the money was transferred, new owners took over the supermarket business the following month.
It’s understood Nguyen’s mother operates the Duong Dong fish market at Inala and had been a customer of the supplier for about 10 years.
It was this connection which convinced the supplier to extend Nguyen credit.
He opened the flashy Mercado on the King Street foodie strip in Bowen Hills late last year after an estimated $10 million spend on the project.
But, within weeks of launching, letters of demand for alleged non-payment of debts starting piling up, with one $8000 invoice blowing out to $19,000 because of legal costs.
One creditor even alleged Nguyen sent him screen shots of supposed payments that never went through.
When the bills went unpaid, suppliers including Australian Liquor Marketers, Silver Chef Rentals and Poulos Brothers Seafood took legal action against Nguyens’ company King Street Market Place Pty Ltd. No defences have been lodged.
Since January those same companies, as well as PFD Food Services, have slapped caveats on Nguyen’s Brisbane home, a lavishly appointed five-bedroom spread at Stretton that he bought for $1.3 million in March last year. That means their debts must be paid if the home is ever sold.
Nguyen appointed Glenn Shannon and Richard Albarran of Hall Chadwick as administrators over his company this week.
One or more banks looking to protect their secured interests have also appointed Matt Joiner and Dan Juratowitch of Cor Cordis as receivers over the entity.
Neither Nguyen nor his mum could be reached for comment yesterday.
But it seems all is not lost for his future prospects.
Corporate records reveal that Nguyen is still the sole director of several intact entities, including Mercado Group Pty Ltd and Marina Mirage Market Place Pty Ltd.
BBQ AND BOURBON
A well-known figure in Brisbane’s hospitality industry plans to open a new venue in July that combines bourbon and barbecue.
Just a month after leaving his six-year gig as manager of the award-winning Gresham bar, Ryan Lane revealed plans yesterday to launch Proof BBQ & Booze in Windsor.
He and business partner Michael Cameron have leased vacant restaurant space on Newmarket Road that once housed Harry’s Diner, an American-style eatery that attracted legions of classic car aficionados over its nearly 25 years in operation.
“They say when one door closes, another opens, and sadly retirement can’t last forever,’’ Lane announced on his Facebook page.
“Along with my good mate, Michael, we’ve decided to take the ultimate plunge!
“As you all know, bourbon’s a passion (read:obsession) of mine, along with low’n’slow BBQ. So f*** it, why not put the two together under the same roof!’’
Lane told us he’ll be cooking daily and making everything in-house, including burger patties, bacon, sausages and buns. Expect a backbar with a whopping 150 or so different bourbons, along with craft cocktails, craft beer and wine.
PINT OF SCIENCE
Speaking of alcohol, two of the brainier top guns at Newstead Brewing in Brisbane have just created a special one-off drop for a science festival in town this month.
Yes, Newstead boss Mark Howes and his brewer, Evan Goulden, both have PhDs and they couldn’t resist the chance to make an easy-drinking pale ale for the “Pint of Science’’ events running for three days starting May 20 at a dozen pubs around town.
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