Big Three Restaurants, Inc., (OTCQB: BTHR) announced it has entered into a letter of intent to purchase Mangos Restaurant and Lounge, located at 904 East Las Olas Boulevard in Fort Lauderdale, Florida.
Big Three Restaurants, Inc., (OTCQB: BTHR) announced it has entered into a letter of intent to purchase Mangos Restaurant and Lounge, located at 904 East Las Olas Boulevard in Fort Lauderdale, Florida. The Company has also entered into a separate contract to purchase the land and building at which Mangos operates. The price for Mangos is $2.5 million and the price of the real estate is $5.6 million. The purchase of Mangos is contingent on funding, completion of due diligence and entry into a definitive agreement. The purchase of the real estate is conditional on the purchase of Mangos.
John V. Whitman, Jr. , the Company's chief executive officer, said "The owners of Mangos have been operating a restaurant at the same location for 31 years. Mangos has been the restaurant's name for the past 12 years. Mangos has a history of profitable operations. We plan for Mangos to be one of our flagship restaurants, as we pursue additional acquisitions."
Mangos Restaurant and Lounge offers an upscale family menu with full bar. It employs a total management and staff of 145 personnel. Las Olas Boulevard is considered by many to Fort Lauderdale's Rodeo Drive (Beverly Hills) or Worth Avenue (Palm Beach).
The Company is a developmental stage enterprise planning acquisitions of profitable restaurant operations in three categories – respected franchise brands, upscale family dining and theme style restaurants.
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