The landlord of a long-awaited Wolverhampton restaurant that folded just three months after a £650,000 revamp today revealed it crumbled due to huge debts.

City Village Ltd, landlord of Soprano’s in Princess Street, wants a new entrepreneur to take on the business – a 44-seater restaurant, bar and takeaway. Ex-tenant Reza Farnan lost 15 members of staff after closing in May. Kenneth Wilson, director of City Village Ltd, said: “Soprano’s original tenant spent six years preparing the place for opening.

“During that period with no income, he just accumulated too much debt to keep going. He had great ideas but should have spent six months – not six years – on the fit-out.”

Since closure, the landlord has completed unfinished work to the downstairs restaurant and bar.

“Soprano’s is a great opportunity for an entrepreneur,” Mr Wilson said. “The takings during the few weeks the previous tenant kept it open were phenomenal. It is exactly what Wolverhampton wants and needs, in a great location, and with a great future for the right person.

“There is now not just the takeaway, which could turn over up to £10,000 per week, but also a full-fitted 44-seater restaurant and a very fine upstairs lounge area.

“It’s ready to go, and the right person will make a huge success of it.”

Before its transformation into the Italian restaurant, the building was empty for more than a decade.

Mr Farnan previously told the Express & Star he was devastated he had to close the business and make people redundant.

“I put so much effort into the building so it’s a shame that this has happened,” he said. “It’s a loss for Wolverhampton city centre and the people because we did good food.”

When the takeaway opened in February, head chef Zubair Dastagir said people queued until closing time at 4am.

The business is now to let through Towler Shaw Roberts. Spokesman Andrew Groves said: “Everyone knows that this is the right kind of business to be in during a recession.”