Tristan Law, the bar manager at The Press Room in Portsmouth, wants to keep the Daniel Street restaurant, bar, and music venue “in the family.” Owner Jay Gardner is interested in selling the business and Law has started an online fundraiser to help him secure $50,000 to go toward purchasing the venue. [Update 5/4/15: Since we posted this story, Law has changed his fundraising goal from $20,000 to $50,000.]
“There’s a lot of support and that’s been wonderful,” Law said.
Don’t worry, though: there are no plans for The Press Room to close. Gardner said he’s been “going back and forth” with Law for two years about purchasing the business. He’s not involved with Law’s fundraiser, and while he said there is a deadline for Law to secure the money, he wouldn’t say what that deadline is.
“The reason I’m hoping I can sell it to him is because he loves the place, he does a good job with it, people like him here, and that’s about it,” Gardner said. “I’m not selling it because of anything special. … I have another place in Boston, I’ve been in the business for over 30 years, and it’s time for me to take a break.”
If Law can’t raise the money, Gardner said he may sell to someone else. He’s had interest from two possible buyers — one local, the other from outside the area — but said he’s never met with or talked to them in detail. He wouldn’t disclose the price of the business.
Law launched a GoFundMe campaign on April 23 asking for $20,000 to help him and business partner Jesse McMahon purchase the business. He’s since increased the goal to $50,000. Law said he and McMahon have put up their own money and have private investors lined up, but need the additional money to help secure a bank loan.
If he’s successful, Law said he plans to keep the Press Room largely the same. “It will still be the same place people know who’ve been coming here for five or 10 or 20 years,” he said. He plans on making some “cosmetic and aesthetic” improvements such as new bathrooms, rewiring the electrical system, a new fireplace, improved accessibility for handicapped patrons, and a new point-of-sale system.
“We’ve got a business plan,” Law said.
As of Tuesday, April 28, Law had raised $4,718. There’s no timeline on the fundraiser, though Law said he’ll meet with Gardner within the next week about his progress. If the fundraiser isn’t successful, Law said he’ll return the money raised through GoFundMe to donors.
Law said he’s been working on a way to purchase the business for two years. A previous plan with a potential business partner and investor fell through. When McMahon approached him about partnering to buy The Press Room, Law said that “revitalized the whole thing.”
“We’re very close to doing it,” Law said.