Centrally Located Well Presented And Thriving Inn For Sale

Business description

CENTRALLY LOCATED, WELL PRESENTED AND THRIVING INN LOCATED WITHIN THE CENTRE OF THE OXFORDSHIRE MARKET TOWN OF BANBURY




Superbly located property amongst the town shopping area and close to the market square.
Substantial Public Bar/Lounge Bar (circa 100+) on an open plan layout with a large bar servery, wood flooring and many character features.
Games Room/Pool Area (circa 20) with tiled floor and pool table.
2 spacious self contained flats (1 x 1 bedroom and 1 x 2 bed) both with lounge, kitchen and bathroom.
Patio/Terrace area with seating for 30-50.
Large car park for 55 cars creating an income of Circa £20,000pa being rented in the daytime.
Turnover for y/e 03/08 is £324,905 (incl. VAT) - 100% wet.
22 years remaining on renewable S & N lease with the annual rent at £49k.


THRIVING WET LED BUSINESS WITHIN THE HEART OF THIS DESIRABLE OXFORDSHIRE MARKET TOWN.


ASKING PRICE £69,950 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.



LOCATION
This prominent, well presented and historic property has an excellent central location on Parsons Street, close to the market square of the popular market town of Banbury, Oxfordshire.

Banbury is a hugely expanding town with the continuous building of new homes being in constant demand with the town being an easy commuter destination for both Oxford and London, either via the M40 motorway or the railway service. The centre of the town has undergone major developments over the past few years and now boasts an excellent shopping centre and a thriving market, both within 300 yards of this business.

The business has a loyal regular custom from the surrounding shops and offices during the daytime and is heart of the hustle and bustle during the evening.

THE PROPERTY

This substantial inn is an attractive and impressive 3-storey property of rendered stone construction under a pitched, tiled roof occupying a superb prominent main street location.



The Public Bar/Lounge Bar (circa 100+) is a very large open plan room offering three different areas comprising of a stage area with wood flooring, a casual area with leather sofas and carpeted flooring and the more traditional lounge bar with large bar servery, carpeted flooring and wooden furnishings. The room boasts many original features including beamed ceilings, exposed stone walls and wood flooring.

The Pool Area (circa 20) is in keeping with the rest of the business along with its pool table and wooden furnishings.

Ladies and Gents W.C's.

Lower Ground Floor Cellar accessed from behind the bar with pumps, racks, python system and coolers.



Well equipped Commercial Catering Kitchen with stainless steel appliances (not tested) and preparation areas, although currently not being used offers huge potential, especially during the daytime.

OWNERS ACCOMMODATION

Situated on the first and second floors and briefly comprises: 2 self contained flats (1 x 1 double bedroom and 1 x 2 double bedrooms) both offering a lounge, kitchen and bathroom.

EXTERNAL

To the rear of the property is a patio/terrace trade garden offering seating for approximately 30-50. This area is used as the smoking solution. To the rear of the property is a substantial car park for approximately 55 cars giving a unique feature for a town centre business. This car park is currently rented out during the daytime creating a turnover of £20,000 profit.

TRADING AND LICENSING

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

7 days per week 10am - 1am

Current opening hours:

Sun - Thurs Midday - 11pm

Fri - Sat Midday - Midnight

NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the NCPLH Qualification in readiness for their intended operation of the Public House. Guy Simmonds hold this 1 day NCPLH Course every 2 weeks. Please telephone us to reserve your place or browse the training section of this site.

GENERAL REMARKS

The business is offered for sale as a lease assignment with approximately 22 years remaining of the original S&N full repairing and insuring, renewable agreement. We are informed that the rent is currently £49k per annum with the next rent review 08/09. We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium - subject to the provision of the Landlord and Tenant Act 1954. We are advised that the inn benefits from all mains services and gas central heating (no services seen or tested). Business rates are advised as currently being £14,000 per annum.

THE BUSINESS

The current owners took over the business in 2001 in this well established business. The vendor client is offering this business in good order and with huge potential to introduce catering facilities.

This is an ideal opportunity for an owner operating couple to continue with this successful business, yet exploit the huge potential on offer when introducing food.

Current sales for y/e 03/08 is £324,905 (incl. VAT) - 100% wet trade. There is also significant additional income from renting out the car park.

The price reflects the current trading trend and is an ideal opportunity to increase the value.

We calculate the reconstituted net profits (i.e. adding back managers costs, finance costs, depreciation and other expenses) of a circa £35,000. The asking price reflects the location and the current trading foundation.

Accounting information will be made available to interested parties after viewing.

Property information

Property:

Leasehold

Contact the seller