Cowan bites back to save restaurant

DON SCOTT / The Press

SWEETENING THE DEAL: Mike Pero, left, Kathy Dryfhout and Theresa Cowan with the kind of giant cookies selling on Trade Me to help raise money for Cowan's restaurant in Christchurch.

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A woman who bought a Christchurch restaurant for $181 has found it tough to reopen the eatery as the recession bites.

However, Theresa Cowan has decided to bite back with some cookies.

The 27-year-old Aucklander bid for a former Spagalimis pizza restaurant on the internet auction site Trade Me in February and won.

Cowan and her mother, Kathy Dryfhout, have since been busy with business plans and loan applications.

After being rejected by two banks, Cowan has turned to high-profile Christchurch businessmen Mike Pero and Cookie Time founder Michael Mayell for help.

Mayell said he agreed to mentor Cowan because he recognised similarities in entrepreneurial spirit.

Mayell baked his first batch of cookies in his mother's kitchen.

When his business required an industrial kitchen, he attempted to rent a bakery that was not in use overnight.

"One guy gave me a break, and I didn't realise the significance until years later," he said.

"You should get a break from time to time and Teresa absolutely deserves one.

"She's at the stage now, of "Oh my God, I can't stop it", and she's got to keep on going."

Using Mayell's recipe and factory, Cowan will be fundraising by selling pizza-sized limited-edition Cookie Time biscuits on Trade Me.

The cookies will go on sale for 24 hours from 7.30pm tonight.

Buyers will be given life-time membership to the restaurant, which includes discounted meals and birthday specials.

"After being turned down by two banks and doing so much work, there have been plenty of times I've woken up thinking this whole thing is way too big," Cowan said. "Every time you get knocked back, you just sit with your head in your hands and wonder how you're going to fight through this."

Despite financial setbacks, Cowan's Trade Me trawling continued she bought a car from the auction site for $310.

"It takes about half an hour to warm up and it won't go up hills, so if we had it in Auckland we'd be stuffed," she said.

"It was cheap, but I keep thinking I could have bought two restaurants for that."

Restaurant 181 is set to open on May 16 at the Northlands Shopping Centre.