The Finlandia Co-operative is not giving up on the Hoito restaurant.
Paula Happanan is a director, and tells us they remain hopeful it’ll become theirs, despite recently losing out on a bid to take it off accounting firm Grant Thornton’s hands. “One of our investor’s boards was not willing to take the risk, not because the venture was not solid, but because the building itself presented so many unknowns. The building is 110 years old, so that’s understandable.”
The Finlandia Director adds they are looking for another investor, and they know who that is.
“With restaurant experience, because we know that the community is absolutely 100% behind having the Hoito open up again. So we want to make sure we can have the restaurant put its best foot forward, by having someone with that type of expertise at the helm,” says Happanan.
They’re also maintaining a positive outlook, especially after being encouraged not to give up hope. “Someone even said ‘You’ve got what you asked for, which is time’, which is actually quite true. Putting together a cooperative, never mind forming a partnership and getting financing.”
Happanan says a recent low bid offer was rejected by the accounting firm Grant Thorton, which is holding the debt ridden building.
