INVESTOR SAYS HAM’S PURCHASE WILL HAPPEN DESPITE CHANGE IN OWNERSHIP GROUP
Greensboro businessman Rocco Scarfone said he planned to go forward with the purchase of 10 Ham’s locations on Tuesday during a bankruptcy sale by the restaurants’ former owners, despite parting ways with two investors that had previously been associated with the deal.
Doug Adkind, a commercial property investor, said he and another partner, Steve Lovelace, were “pulling out,” adding, “It was a difference of opinions on operational issues and management style. There were negotiations going on behind the scenes that we weren’t aware of and were not made aware of, so we don’t feel comfortable going forward.”
Scarfone characterized the separation differently.
“It was basically where I decided they might have had a different direction going into the future,” he said. “It was my choosing. We decided amicably it was my project. I put the whole project together. That was the simplicity of it.”
There were initially four investors in the deal.
Ron Humble remains involved in the partnership. Originally, each of the four partners had pledged $150,000 to $200,000 to cover the $360,000 purchase price and $240,000 in operating costs, Adkins said, adding that he and Lovelace have already received a refund.
Scarfone said he has brought in a third partner to replace Adkins and Lovelace. Jason Goodman, program director for WKZL 107.5 FM, will serve as the restaurant partnership’s chief marketing officer. The three current partners have varying stakes in the overall ownership of the restaurant project.
Scarfone said the transition for the 10 restaurants, which collectively employ 500 employees, should be seamless. They include three locations in Greensboro — Lakeside, Brassfield, High Point Road — two in High Point, at the Palladium and North Main Street, and one in Kernersville. The four locations outside of the Triad are in Hickory, Sanford and Shelby, along with Danville, Va.