Todd English is refinancing his culinary empire, which now stretches from Charlestown to Las Vegas. Locally, the infusion of money means English will be able to pay the state of Massachusetts and the company that operates Faneuil Hall back payments for Kingfish Hall, which closed under a cloud of acrimony last year.
Ron Chorney, CFO of Todd English Enterprises, Inc., gave the financial update to the Boston Licensing Board this morning, at a hearing to request more time to sell the restaurant's main remaining asset - its liquor license.
Chorney told the board that after Kingfish Hall closed, the Department of Revenue demanded roughly $215,000 in back taxes. The company has since paid $24,000, he said, adding refinancing would free up enough cash to pay off the remainder. He added the new cash will also let the company settle claims from Quincy Market for back rent and repairs to the former restaurant space; he said the exact amount for that "is in negotiations right now."
English's attorney, Dennis Quilty, said another restaurant that had sought English's license backed out of the deal because of concerns the state or the landlord would seek control of the license to pay off their debts. Once the state and the landlord are paid, the license should be sold very quickly, Qulity said. Based on past sales, it could go for upwards of $300,000, in a city where licenses are in high demand, in part because of a state limit on the total number of liquor licenses.
The board votes Thursday on English's request.
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