Bad Times Hits Phyllis Brown Hospitality Owner, Rasheed Yusuf …Abibiz Restaurants Suffers Low Patronage

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Information at our disposal has revealed that the proud owner of Phyllis Brown Hospitality Holding Limited, Rasheed Yusuf is presently not a happy man as his business empire is going through financial hiccup.
Reliable sources alleged that bad times hit the ‘money man’ soon after he opened Abibiz restaurant outlets on the island and at the departure terminal of Murtala Muhammed International Airport, Lagos. It was gathered that he secured a huge loan from his friend, Roland Ewubare, with the intent of expanding his business interest aimed at creating a greater hospitality brand.The loan, alleged to run into severally millions of naira, was secured with a promise of full repayment in a two months period. Repayment however became an issue as Yusuf’s business empire began to experience financial difficulty after collecting the loan.
Findings revealed that severe pressure from Mr. Roland regarding repayment of the loan became unbearable. This prompted Rasheed to put up some of his property for sale. It was gathered that on two different occasions, Rasheed was picked up by the police following Mr. Roland’s report that he had refused to repay the loan despite giving him more time than he (Rasheed) promised.
Sources who prefer anonymity alleged that Rasheed was detained for some days by the police with word that his release would only be secured if he returns the money immediately. It was revealed that Rasheed instantly gave two of his wonders-on- wheels out cheaply in order to make part payment until he’s able to make a full refund.
It was gathered that both outlets of Abibiz restaurant has not been able to generate substantial amount of money as customers have now abandoned the outlets due to alleged poor quality of service and high cost of meals. The poor patronage of the restaurants, according to an insider of the restaurant, prompted Rasheed to consider closing down the business or letting it out for others to manage.
With a full operational subsidiary in Accra, Ghana, other companies under the Phyllis Brown Holdings include, Phyllis Brown Restaurant Ltd, Phyllis Brown Catering Ltd, Twenty One Hotels and Investments Ltd amongst others.
The company also handled catering services for the Shell Bonga Project and other notable companies. Over the years, the company has been able to play host to notable individuals including, American actor Danny Glover, Richmond Dunbar, Jay Z, 50 Cent and other international ceL-R Managing Director of Phyllis Brown Hospitality Holdings Limited, owners of Abibiz restaurants, Rasheed Yusuf, Mrs Yusuf and Mr. Roland Ewubare at the opening of Abibiz Restaurant in Oko-Awo VI, Lagos

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