Camden New Journal - EXCLUSIVE by ROISIN GADELRAB and RICHARD OSLEY Published: 20 September 2007
The luxurious interior of Gilgamesh restaurant
SUPER CELEB BAR SEIZED IN DEBT ROW
Gilgamesh restaurant repossessed by market landlords
CAMDEN Town’s glitiziest restaurant has been repossessed in a row over unpaid debts, the New Journal can reveal. Gilgamesh, an up-market celebrity haunt in a glass tower in Chalk Farm Road, has been seized by its landlords at the Stables Market.
The restaurant’s new management this week glossed over the change of hands claiming it was business as usual.
But behind the extravagant face of the Babylonian-themed restaurant, an acrimonious financial row has developed which those close to the dispute privately suggest is still the subject of legal proceedings.
While Gilgamesh opened with a fanfare 14 months ago and has developed a reputation for being one of the most opulent dining experiences in London, there has been no exposure to the change of ownership.
The restaurant, with its retractable roof and 250-colour lighting rig, fell into the hands of landlords Stables Market (Camden) Limited at some stage during the last two months and and a new board of directors has been formed.
Business records show the new bosses include James Lawrence, a seasoned accountant who works closely with millionaire fashion mogul Richard Caring, the most high-profile investor in Stables Market in recent years.
A spokeswoman for the new Gilgamesh team said: “The former owners, who were from Israel left the premises because they failed to pay the rent. They owed £700,000. The only story here is that the previous owners didn’t pay their rent so Gilgamesh is under new management and continuing onto better things.”
That claim was yesterday (Wednesday) disputed by Oded Laufer, the original director of the restaurant who said he resigned as a director three months ago.
Tracked down by the New Journal, he said: “There’s a lot behind this story. We signed the lease with them and we didn’t realise a lot of things. The rent was about £800,000 a year but it’s not as straightforward as that.”
Mr Laufer, who normally concentrates on the property market, is now working abroad. He would not reveal his whereabouts but business records link him to a home in Tel Aviv. His business partners are also listed to Israeli adresses. Annual accounts for his company, Gilgamesh Limited, have not been filed and are marked ‘overdue’ at Companies House.
Mr Laufer said: “It was a big mistake. We had a business proposal from someone else and I thought it could be interesting. It was (their) idea to make it a bar and we turned it into a pan-Asian restaurant.”
But, he added: “I don’t think Camden Town is a good place for this kind of business. So much stuff is happening in Camden, the drugs, a lot of other things and Camden is not a nice place. Business suffered a lot – there was a cheap crowd, people not willing to spend and a lot of good people – they were mixed. If it was sitting in the West End it would be one of the top most successful restaurants in London because when people went there they loved it. People in the West End spend double what people in Camden were spending. The fact that it didn’t work commercially doesn’t mean it wasn’t amazing.”
Mr Laufer said: “I’ve learned a lot. I’m in the property business, making my money elsewhere. I would not touch anything that’s not property in my life again.”
The restaurant, which sits on top of a £15 million tower and claims to have the longest bar in the world, at 50 metres – hosted the Big Brother wrap party last year. It is due to host a raft of TV personalities at the Inside Soap Awards on Monday.
Food critics had a mixed reaction to its elaborate pan-Asian menu.
Giles Coren, the Times restaurant critics who lives in Kentish Town, said yesterday: “The food was very good but it’s too flash and vulgar.”
Mr Caring was not available for comment by phone or e-mail yesterday. He was reported to be at the funeral of Mark Birley, the businessman from whom he bought the exclusive Mayfair bar Annabel’s earlier this year.
The Gilgamesh spokswoman said there was no evidence that the business was struggling financially.
She said: “The new operations manager is Jeff Lim. He was there before. Ian Pengelly is still executive chef.
She denied the business had suffered financially, adding: “It’s absolutely packed. There’s no issue of under capacity. We’re booked up for Christmas parties until next year.”
She said that plans under the new management include lunchtime openings, master classes with Mr Pengelly and a weekly opera night.
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