Letters of demand for alleged debts landed just after Mercado‘s opening

Mercado, the gourmet retailer billed as Brisbane’s answer to Harrods’ Food Hall in London, shut down without warning this week and is expected to fall into administration within days. Now company records have revealed further details behind its closure.

LETTERS of demand for alleged non-payment of debts started arriving just weeks after the opening of Brisbane’s flash Mercado shopping and dining hall late last year.

The 1500sq m gourmet retailer on the King Street foodie strip in Bowen Hills shut down without warning this week and is expected to fall into administration within days.

Company records show the sole owner of the business is 27-year-old Vietnamese immigrant Thieu The Nguyen, who splashed out $10 million on the fit-out and another $1.3 million to buy a home early last year.

He received a lawyer’s letter just before Christmas chasing $52,436 allegedly owed to Vic’s Premium Meats.

Luxury food hall Mercado in Bowen Hills has closed its doors. Picture: Mark Cranitch

Other letters of demand from suppliers followed, with one seeking $465 in March and another trying to recover $1938 this month.

Lawsuits have also been filed, with Australian Liquor Marketers lodging a claim in Brisbane District Court last month against Nguyen and his company King Street Market Place Ltd.

Kitchen equipment leasing group Silver Chef Rentals began proceedings against Nguyen and his wife, Thi Nhung Bien, in the same court this month.

A seafood company has also taken against legal action in NSW against King Street Market Place.

Mercado was modelled on Harrods’ Food Hall in London. Picture: Mark Cranitch

No defences have been lodged in the cases and neither Nguyen nor his business partner Huda Derbas could be reached for comment.

Property records show Nguyen and his wife splashed out $1.3 million on a lavishly-appointed five-bedroom home at Stretton in March last year.

The upscale Mercado concept was modelled on Harrods’ Food Hall in London.

Plans for a second Mercado on the Gold Coast have now been thrown into doubt.

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