SINGAPORE

In a surprising turn of events, local actor and F&B entrepreneur Ben Yeo has announced the closure of his high-end modern Chinese restaurant, Tan Xiang Yuan, just two years after its grand opening. The 46-year-old Mediacorp star has faced overwhelming challenges, resulting in losses exceeding $1 million.

In an exclusive interview with Chinese-language news outlet Lianhe Zaobao on January 3, Yeo shared his candid thoughts: “In business, you either make a profit or you’ve failed. It’s essential to know when to stop the bleeding. Shutting down is how we’re stopping the bleeding.”

The Restaurant's Journey

Located in a charming two-storey conservation house on Dickson Road, Tan Xiang Yuan opened its doors in November 2022, boasting an impressive menu that included seafood steamboat and succulent Peking duck. The restaurant was a collaborative effort between Yeo, renowned celebrity chef Cao Yong, and other partners.

Yeo already has a diverse portfolio of eateries, including the popular zi char hawker stall Charcoal Fish Head Steamboat Restaurant in Kallang and the wet market-themed kopitiam Tan Xiang Chai Chee in Chai Chee Lane. Despite this, the challenges faced at Tan Xiang Yuan were unlike any he had encountered before.

Financial Struggles

Reflecting on his experience, Yeo admitted that an astronomical $800,000 renovation bill was his biggest misstep, which severely hampered the restaurant's ability to turn a profit. “Because the restaurant is in an old, conserved building, we had to comply with stringent regulations. Many of our renovations were not initially approved, forcing us to redo aspects of the work, leading to unexpected expenses. We had already begun renovations, so continuing was our only option,” he explained.

Impact on Employees

Yeo expressed deep concern for his employees, stating, 'The operating style of this upscale restaurant differs significantly from my zi char stall. I’m actively seeking other opportunities for them in my other establishments. They’ve reassured me they’ll look for work on their own as well, but I genuinely feel sorry about having to let them go.'