Saturday, July 29, 2000

Longworth's deal in limbo

Buyers haven't closed on Mount Adams restaurant

By Lisa Biank Fasig
The Cincinnati Enquirer

        The Hail Mary sale of Longworth's that saved the restaurant from going to the auction block two weeks ago is apparently on hold.

(Enquirer file photo)
| ZOOM |
        According to Mount Adams business representatives and an official who was to handle the auction, the sale of the establishment to local restaurateurs Art and Sue Lykins has yet to be finalized. According to the deal described on July 14, the sale should have closed this week.

        “The only thing I can tell you 100 percent is the property is not closed. The lender told me that,” said Bob Getts of real estate firm Colliers Turley Martin Tucker, which was managing the auction. “He indicated to me it would be in everybody's best interest for me to stay in touch with him until it actually closed.”

        The Lykinses, who own the Village Tavern and J. Arthur's Bar and Grill in Montgomery, acquired Longworth's just as it was to go to auction by order of its lender, First Union Small Business Capital. The deal was cut so close that several interested bidders stood at Longworth's door as sale negotiations were finalized.

        Sources at Longworth's declined to comment and Mr. Lykins could not be reached Friday. But Neil Quinn, vice president of the Mount Adams Business Guild, said Mr. Lykins is still interested.

        “Art Lykins came to us yesterday and said he still wants to buy the place,” Mr. Quinn said.

        In an interview after signing the deal, Mr. Lykins said he wanted to make some cosmetic changes to the building on St. Gregory Street, including fresh paint and new tables. He also said he wanted to build a room over the patio that would house billiards tables.


Estate tax repeal may affect charities
Dodging taxes isn't only reason to give
Database links Cincinnati government
Market volatility shakes Convergys
Napster to stay online - for now
Answering some basic questions
Longaberger wants more men selling
- Longworth's deal in limbo
Savvy strategies
The Sophisticated Investor
Tristate Business Summary
What's the Buzz?