News & Press Coverage

Development group says it is taking Biddeford restaurateur to court over loan default

Portland Press Herald
February 25, 2016

The Biddeford-Saco Area Economic Development Corp. says Harold Royals defaulted on $125,000 in loans and misspent some of the money borrowed for the Steer N Stein restaurant, which has yet to open.

An Excerpt

The development group also accuses Royals of spending loan money 'on activities unrelated to the start-up of the restaurant.'

'The circumstances in this case required the EDC to seek relief from the court,' said Portland attorney Adam Shub, who represents the development group.

Royals, whose restaurant was due to open Tuesday at 140 Main St., did not respond to calls and emails seeking comment Thursday evening. A news release issued Thursday by the city of Biddeford indicates the restaurant will not open as planned.