Liao Fan recipe should cost $2m, says owner
JUST two months after receiving a star from global food guide Michelin, the recipe of the Liao Fan Hong Kong Soya Sauce Chicken Rice & Noodle stall at Chinatown Complex Food Centre has been sought by several business groups, including one which might seal the deal with its owner.
Chan Hon Meng, 51, revealed to the Shin Min Daily News that his recipe should cost about $2 million and so far the price quoted by one of the bidders was close to what he wanted.
He based his asking price on the precedent set by Kay Lee Roast Meat Joint at Paya Lebar, which sold its recipe to the Aztech Group in 2014 for $2 million.
Kay Lee also sold its storefront for an additional $2 million.
Liao Fan has operated at its current stall since 2009 on a rental basis.
The group Mr Chan favours also has experience in food and beverage and has successfully expanded overseas, meeting two other of his requirements.
"Besides, the group will offer me some shares," Malaysian-turned-Singaporean Mr Chan said.
But he is also worried that the group might be expanding too rapidly and might soon find it hard to cope.
"Manpower has always been a problem.
"I want to carefully consider and understand the details of the cooperation so that we can find a win-win formula for both sides," said Mr Chan.
He indicated that he wants to share the recipe as age is catching up with him.
According to Mr Chan, many of the other bidders were from countries such as China and Vietnam and had no experience in the food industry.
"Some said I contribute money and you the skill.
"But entering the food business does not mean just setting up a factory.
"There are many intricacies that they don't understand," he noted.
Mr Chan has put up a "Thank You" sign at his stall to express his gratitude to his customers since getting a Michelin star.
"It was their support that had brought the Michelin people here. I didn't even know they came," he said.