Contemporary Inn In Royal Leamington Spa For Sale

Business description

A MODERN CONTEMPORARY 19TH CENTURY INN LOCATED WITHIN THE AFFLUENT AND HIGHLY DESIRABLE LOCATION OF ROYAL LEAMINGTON SPA, WARWICKSHIRE




An impressive and substantial modern contemporary inn located in Royal Leamington Spa, Warwickshire.
Charismatic Main Lounge Bar (circa 70), Delightful Function Room (circa 80).
Fully equipped Commercial Catering Kitchen.
Highly impressive 2 bedroom owner's accommodation.
1 and a quarter + 3 years remaining on renewable Scottish and Newcastle rolling lease.
Sales for Y/E Nov 05 circa £306,000 (incl.).
Reconstituted Net Profit circa £54,000.
85% wet and 15% food. Trading on reduced hours.
Enviable lifestyle for entrepreneurial partnership.


AN EXCEPTIONAL OPPORTUNITY TO ACQUIRE THIS 1ST CLASS WELL ESTABLISHED BUSINESS AND HOME OFFERING TREMENDOUS POTENTIAL WITH AN ENVIABLE QUALITY OF LIFE.


ASKING PRICE £85,000 LEASEHOLD TO INCLUDE FIXTURES AND FITTINGS, GOODWILL EXCLUDING S.A.V.


LOCATION
This delightful modern contemporary and highly desirable inn is situated in the heart of the sought after location of Royal Leamington Spa, Warwickshire and is a well used and popular venue for local and commercial trade emanating from the surrounding and affluent catchment areas; and also having an excellent level of passing and repeat trade. This charming and characterful inn can be easily reached from junction 15 of the M40 motorway. This superb inn is situated in the beautiful unspoilt and historic county of Warwickshire, which offers a mixture of unspoilt rolling countryside, riverside towns and picturesque villages. Leamington Spa is a desirable area for families and has many facilities including schools, medical centres and amenities. Leamington Spa is a 'honey pot' area for residential housing and is close to the towns of Stratford upon Avon, Kenilworth and Banbury, and the infamous Warwick Castle.

THE PROPERTY

This substantial inn believed to date back to circa 1840 is an attractive and impressive 3-storey property and is situated in a prominent main road position.



The main entrance at the front leads into the lobby with access into the Main Lounge Bar (70) is a good sized characterful and atmospheric modern contemporary room exuding style and sophistication having a feature return bar servery with solid polished ash counter with a matching mirrored back fitting with shelving and refrigerated bottle coolers (not tested) which is complimented by the attractive part tiled and part wooden flooring and exposed brick walling. Adding to the charm of this lounge bar is the mix of loose polished tables, poseurs, chairs and comfortable leather sofa's. There is also an AWP and a games machine. Access to the W.C's and the first floor Function Room.



Function Room (80) is a good sized room and is situated on the first floor with a feature return bar servery with a solid polished ash counter having a matching back fitting with shelving and refrigerated bottle coolers (not tested) which is complimented by the feature wooden flooring and the loose polished tables and upholstered chairs. There is access to its own Ladies and Gents W.C's and Kitchen (currently unused). Access to the decked terrace with loose tables and chairs.

Office (situated on the first floor).

Ladies and Gents W.C's x 2 sets.

Lower Ground Floor Cellar with dray drop, pythons x 2, pumps and cooler.

Lock-up bottle store and additional store room.

Catering facilities include a fully equipped commercial Kitchen with stainless steel appliances and preparation surfaces (appliances not tested).

OWNER'S ACCOMMODATION

Presented in superb decorative order and is situated on the first floor and briefly comprises: 2 bedrooms, lounge, kitchen and bathroom.

EXTERNAL

Ample parking facilities are available on nearby streets and roads and public car parks.

TRADING AND LICENSING

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

Mon - Thurs - 11.00am - Midnight

Fri and Sat - 11.00am - 01.00am

Sunday - 11.00am - 11.00pm

The current trading hours are as follows:

Mon - Thurs - 11.30am - 2.30pm and 5.00pm - 11.00pm

Fri and Sat - 11.30am - Midnight

Sunday - Midday - 11.00pm

NB Important: Prospective purchasers should ensure that they gain the NCPLH Qualification in readiness for their intended operation of licensed premises. 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

We are advised that the inn benefits from all main services and uses gas central heating (no services seen or tested). The business is offered for sale as a lease assignment with approximately 1¼ + 3 years rolling remaining of the original Scottish and Newcastle Pub Enterprises full repairing and insuring, renewable agreement. 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. Business rates payable are to be advised. Rent is currently £46,000 per annum and is currently being reviewed.

THE BUSINESS

This delightful inn is operated by our vendor client on a full time 'hands-on' basis with the assistance of a full time manageress, 1 full time and 2 part time members of staff. After many successful years in the trade our vendor client has; due to personal family circumstances reluctantly decided to sell this top class business. This delightful inn is a successful and profitable business and already having a solid trading foundation still offers a new fully focussed entrepreneurial business partnership immense potential to increase the sales by simply expanding on the food side of the business and extending the trading hours, which will have an immediate direct positive impact on the turnover and thereby filtering directly down to the 'bottom line'. Trade split is currently 85% wet and 15% food. Sales for Y/E November 2005 are circa £306,000 (incl.). Reconstituted net profit (ie after adding back finance costs, depreciation and other expenses) of circa £54,000. Our vendor client has established an excellent reputation which can be fully emulated by new enthusiastic operators.

The asking price reflects the location and quality of fixtures and fittings.

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

Property information

Property:

Leasehold