Sauces of Finance - Masterchef finds it tough

New Zealander Mat Follas was crowned Masterchef 2009 on the popular BBC programme yesterday. In media interviews, Mat has explained his ambition of opening his own restaurant business. Howevver the housing market downturn has made it hard for Mat to raise finance from his prefered option…

was crowned Masterchef 2009 on the popular BBC programme yesterdayMat was actually crowned Masterchef 2009 back in September 2008. That’s television for you - they recorded the series during the summer of 2008! Since then he has had to keep his success quiet. He has also been trying to sell the family home in order to raise capital for the restaurant business. So far - no luck. The market is just too weak.

Raising capital through the remortgaging or sale of a property is a common method used by entrpreneurs to finance their first business. The weak housing market and credit crunch has made this finance option less appealing. So Mat might have to turn to alternative sources, or sauces, in order to fulfill his dream. He’s certainly a talented cook. Although as we saw with the demise of businesses owned by celebrity chefs earlier in 2009, this is a tough time to be trying to open a restaurant business.