The owners of Ric's Grill in downtown Kelowna are selling their business, that according to owner Sunny Gupta.
He tells Castanet News that an offer to purchase has been accepted by both sides, pending approval by the sites landlord, and other unnamed parties.
Gupta says the price was “moved to sell”, and the decision was made in part to satisfy the needs of both creditors and former employees.
“We have negotiated a sale of business and the terms of the agreement are that all proceeds from the sale will go towards the employees and then the other creditors,” he says.
“It doesn’t have to be accepted by the landlord, but we have negotiated that and stipulated from the seller, which is us, we’ve stipulated that proceeds have to go to pay off and make good with the employees and the other creditors.”
Gupta would not provide any additional information about the sale or the buyer, citing confidentiality agreements, but added that the sale would ensure all employees that worked at the Kelowna location were made whole once again.
He also said that a provision in the contact would ensure that Ric’s three temporary foreign workers could continue working at the restaurant if they so choose, providing of course the sale goes through.
“Yes the new buyer is willing to take on our chefs,” says Gupta.
“But like I said, the deal is an offer to purchase, it's not a ratified purchase by all parties.”
“We are doing our best to make sure everybody is taken care of. Obviously there will not be anything for us, that’s not the point. The point is to make sure people who have helped us there immensely are well taken care of and are not left hanging.”