ZMAN Z28 Posted February 6, 2003 Report Share Posted February 6, 2003 I am still in shock about this one. I can't beleive Santos didn't mention it was for sale. But I can understand it. Your mission if you accept it is to talk some cense into Santos. It was bad enough to discover that there will not be anymore Kloster, but now possibly loosing the Titty Twister. ZMAN Z28 Link to comment Share on other sites More sharing options...
StoneSoup Posted February 6, 2003 Report Share Posted February 6, 2003 Get this - Kloster is B-a-a-a-a-c-k. But it now has just a regular paper neck label. "K" - Klassik beer now has the silver foil over the bottle cap, emulating the "old" Kloster. Booth taste damn near the same. Strange situation. "Let the good times roll!" The Fighting Fish Link to comment Share on other sites More sharing options...
Guest Posted February 6, 2003 Report Share Posted February 6, 2003 Some how I just cannot imagine the Soi Dogs performing at Eden! An interesting concept though! Thaipan Link to comment Share on other sites More sharing options...
ZMAN Z28 Posted February 6, 2003 Report Share Posted February 6, 2003 Yes, and it tastes like Kloster also. And I will be happy drinking it. I may be whinning, but it just doesn't sound the same as Kloster. It was kinda funny asking for a Klassik and seeing the girls faces like "what are you asking for huh" Then I'd just ask for a Kloster and get "K". I'm probably gonna be changing to Chang anyways when I move to Udon Thani this April. ZMAN Link to comment Share on other sites More sharing options...
Guest Posted February 9, 2003 Report Share Posted February 9, 2003 ?I can remember the sign outside Suzie Wong in Cowboy and the asking price for that was 5 million, if that?s a guide line I'd value Titty at about 1 million and that overpriced.? Unfortunately, that could never be the guide line. Why? Because you cannot compare apples with oranges. A closed bar( Suzie Wong sp) has no profit, trained employees in place, regular customers and a very questionable lease on this property. Titty on the other hand does have a profit, trained employees, a cult following and I surmise a good lease and go go license. Suzie Wong was purchased on an asset sale. Although probably none of the assets were utilized and probably thrown in the garbage. It was completely gutted. The investor simply purchased it to have the opportunity to lease it. Even though the lease is in 3 different names and subdivided. Titty is being valued as an ongoing business, turnkey operation, as it should be. Using the normal valuations, if it?s selling for 13 million. It should be doing 15.8 in gross sales and 5.2 million in profits. If past history is any indication, you then would be looking at a 40% return. However that?s a big if. You have to due diligence. Are they doing 380 drinks in a night? (Surmising the rest in BF?s.) On a rough estimate, that # does sound high with 40 or so seats. That means Santos is looking for a higher number than 2.5 times earnings on the ask price. The other item, this is based on past history. Santos knows how to run a bar but he sure does not know how to sell a bar. His goodwill has been destroyed as he has announced he is selling. The morale of the girls has to be down (first job offer and they are gone) the local expats feel they won?t be appreciated so start looking for a new watering hole. If he sold the businesses with confidentiality and proper introductions were made afterwards to the customers and employees. The new buyer would be buying the same business that has been running for the past three years. Now they are buying a shell of its former self. I don't know of any business worth its salt that doesn't want to keep it a secret when it goes up for sale. Otherwise it hurts both the seller and the buyer. Link to comment Share on other sites More sharing options...
edenpapa@ksc.th.com Posted February 9, 2003 Report Share Posted February 9, 2003 hi sarisin you quote: By the way, Mr. Santos is up to something. I spotted him Wednesday in Warbler's meeting with none other than Marc of the Eden Club. He did confirm that something is in the works, but said he would jam a pool cue where the sun don't shine if I told anyone. //////////////////////////////////////////////////////////////////////// to answer your question : the ONLY reason of the meeting with Santos was : the third guy at the table with us was one of my friend looking for a job as a manager in any place in bkk i introduced him to Santos but there was no agreement between them this was the ONLY reason of this meeting hope to see you soon , i still owe you one take care see you marc Link to comment Share on other sites More sharing options...
edenpapa@ksc.th.com Posted February 9, 2003 Report Share Posted February 9, 2003 Says rovineye: Last time I talked to Marc he said something about opening a bigger place with more rooms. Don't remember any details. I was reclining with 3 ladies on the couch waiting for a room and my mind was fully occupied. But a Santos connection. Interesting. hi rovineye 10 meters away from our club a belgium guy is opening a 23 rooms short time hotel i will then be able to rent extra room when i need them there is absolutely no connection between this hotel and EDEN CLUB there is absolutely no connection between myself ,the club and SANTOS who is just a FRIEND see you marc Link to comment Share on other sites More sharing options...
Guest Posted February 9, 2003 Report Share Posted February 9, 2003 there is absolutely no connection between this hotel and EDEN CLUBthere is absolutely no connection between myself ,the club and SANTOS Sooo, we have two ABSOLUTE denials. Interesting. Veery interesting. In the real world that would guarantee something was afoot. Fortunately we are not in the real world. Link to comment Share on other sites More sharing options...
edenpapa@ksc.th.com Posted February 9, 2003 Report Share Posted February 9, 2003 hi laohuli if you know me you know i am not the kind of guy to say bullshit when i tell you something you can take it straight away to the bank see you marc Link to comment Share on other sites More sharing options...
Crash999 Posted February 9, 2003 Report Share Posted February 9, 2003 Says Showtime: Titty is being valued as an ongoing business, turnkey operation, as it should be. Using the normal valuations, if it?s selling for 13 million. It should be doing 15.8 in gross sales and 5.2 million in profits. If past history is any indication, you then would be looking at a 40% return. Now they are buying a shell of its former self. I don't know of any business worth its salt that doesn't want to keep it a secret when it goes up for sale. Otherwise it hurts both the seller and the buyer. Interesting post! I'm curious why you used a multiple of only 2.5 for an estimate of net profits? In the the non-bar world, such a multiple is very very low and might take place only when a business is posting extraordinary profit, perhaps owing to a one-time asset sale. If you know of any non-bar businesses for sale with such an asking price, I'd be very interested! I presume that you're taking into the account the vast uncertainties inherent in the bar business. One might have a 40% return p.a. but if the bar is shut by the police in a year's time because one didn't know who to pay off properly then that wouldn't do anyone much good. As such, it would seem that the most potential for sale would be to a current bar owner- someone that knows the ropes and can wring the most potential out the place. Very much agree with you regarding the announcement of sale. First one needs to find a buyer, then pitch the sale to customers, then pitch the sale to staff, and THEN make a general announcement with massive spin. I can only imagine that among the regular circle of bar owners there were no takers and Santos is now looking for a wealthy non risk-averse investor to snap it up. Cheers! Link to comment Share on other sites More sharing options...
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