- Wednesday, 1 April 2009Chef Paul Rankin has revealed that his recent
IVA solution has been a possibility for some time.
The restaurateur and television personality recently sought
IVA help after one of his creditors petitioned for bankruptcy.
But Caterersearch reports that he has now entered into a five-year
IVA solution with his former supplier Arnotts Fruit.
Rankin tells the publication that he became carried away with expanding his chain of restaurants, rather than focusing on the food he produced.
"It's been a steep learning curve and I've learned a lot about myself," he adds.
Thanks to the
IVA help, however, he is now on a five-year journey back towards financial stability.
Such news could be a welcome relief as he tells Caterersearch that the IVA follows four years of worsening credit conditions.
Rankin recently thanked his business partners and customers alike for remaining loyal to his restaurants in spite of the financial difficulties.
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