A Roanoke restaurant that opened two months ago closed last week after one of the business’s financer backed out.
“I really hate it,” said Paul Price, who opened Fresh Cuts restaurant in June with his wife, Canie Price. “We tried to cause enough buzz to keep us afloat.”
A local business man put up about $12,000 of the $20,000 it cost to get the restaurant open, and was helping out until the restaurant could support itself, Price said.
But after two months the restaurant wasn’t meeting its goal of making $350 a day, which is what Price and his financer had projected they needed to turn a profit. Price said they only did $350 in sales one day in the two months the restaurant was open. The average was about $150 a day, he said.
Price’s financer, who he declined to name, told Price he couldn’t continue to use money from his businesses to support the restaurant.
“He just finally told me that for him to keep supporting that location some of his businesses would suffer,” Price said.
Price, who also owns ProCon Construction Services in Roanoke, said he had money to keep the business going, but estimated it wouldn’t be long before it would go into debt. He decided to close and use his remaining funds to reopen in a different location under a different name.
“We are looking for something we can afford at a personal level so we aren’t relying on anyone else,” Price said.
If Price reopens he’ll do so with a new name. Too many people thought the restaurant was a hair salon or a vegetarian restaurant, he said.
“We learned a lot and going forward I’m going to have a lot more knowledge,” Price said. “I don’t see this as a failure. We achieved a great deal of success there.”