ONE of the UK's largest Chinese restaurants has gone into receivership.
A little more than a year after setting up the 500-seat China Palace restaurant in Hull, restaurateur Jack Chu has handed the running of his business over to joint administrative receivers at PricewaterhouseCoopers.
"I am very sad it has reached this stage," Chu said.
The restaurant in St Andrew's Quay is a favourite haunt of Deputy Prime Minister John Prescott, who publicly praised its high standard of cuisine.
But the business has struggled against mounting bank debt and owes £37,000 in rates.
Chu, who wants to keep the business running as long as possible, appealed against the level of business rates last year. But he was asked to pay the debts in June.