Country House Inn And Restaurant Set In Heart Of Rural Lincolnshire For Sale

Business description

AWARD-WINNING COUNTRY HOUSE INN AND RESTAURANT SET IN THE HEART OF RURAL LINCOLNSHIRE OFFERING OUTSTANDING FACILITIES, TAKINGS AND PROFITS




Superb rural location.
Traditional lounge/bar area with beamed ceiling and two feature fireplaces.
Stylish restaurant with 40 covers, beamed ceiling, and French doors opening to lawned gardens.
6 quality letting bedrooms, all en-suite and in immaculate condition.
Owner's accommodation with 3 double bedrooms.
Takings of £394,622 per annum (incl. VAT) y/e 31st May 2006 split 31% wet/ 56% food/ 13% accommodation income with reconstituted profits of over £80,000.
Assignment of a 15 year Private Free of Tie Lease from 2004 with responsibility for internal repairs only.


A SUPERB BUSINESS IN AN OUTSTANDING AREA WITH AN ARRAY OF EXISTING AWARDS AND EVEN MORE POTENTIAL FOR THE FUTURE.


ASKING PRICE £99,950 LEASEHOLD TO INCLUDE FIXTURES, FITTINGS AND GOODWILL EXCLUDING S.A.V.


THE LOCATION
This excellent business is located in the village of Aswarby, on the A15 near to Sleaford in the heart of rural Lincolnshire.

The business acts as a local for the surrounding villages and has a good trade with businesses nearby and local cricket teams etc.

It is also a highly popular destination venue for drive-to customers from further afield, including Sleaford, Bourne and as far as Newark, Lincoln and Peterborough. Access is easy with its location on the A15 and its proximity to the A17.

The area is popular with walkers, as well as the many day-trippers who visit this peaceful spot in good numbers.

THE PROPERTY

The property is full of character and is immaculate throughout. It is believed to have been built in 1750 and converted into an Inn after the war in 1945.



The front doors open into the lounge/bar, packed with character with its beamed ceiling, quality carpeting and its two feature fireplaces. The gents WC is off this area. The bar servery is brick built and well equipped.

A central passage leads to the Restaurant with 40 covers, carpeted with beamed ceiling and French doors leading out to the lawned gardens. The internal walls are partly in stone, adding to the feel of rustic charm. The country views from the restaurant are stunning. The ladies WC is off the central passage.



The catering kitchens are of a good size and well equipped and include dry store and dishwash areas (equipment not tested). The beer cellar is underground and temperature controlled.

LETTING ACCOMMODATION

The six letting bedrooms are located in the former stables, dairy and barn and were converted in 1982. All en-suite, they are all appointed to a high standard and consist of 4 twins and 2 doubles.

There is a further area of barn currently used for storage, which could be converted into further letting bedrooms.

OWNER'S ACCOMMODATION

Located on the first floor of the main building, this comprises a large lounge, 3 double bedrooms, kitchen, office and newly refurbished bathroom/WC.

EXTERNAL

To the side and rear of the business is a good-sized car park.

Features of the business are the superb gardens. To the rear is paved patio, leading to lawned gardens with spectacular rural views and surrounded by the peaceful Lincolnshire countryside.

TRADING AND LICENSING

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

Mon to Sat 11.00am to 11.00pm

Sunday 11.00 to 10.30pm

Current opening hours are:

Mon to Fri 12pm to 2pm and 6pm to 11pm

Saturday 12pm to 2.30pm and 6pm to 11pm

Sunday 12pm to 2.30pm and 7pm to 10.30pm

There is huge potential from opening longer hours, particularly all day Friday to Sunday.

GENERAL REMARKS

We are instructed to offer this business as a leasehold re-assignment of a 15-year Free of Tie lease from 2004 from the Aswarby Estate. The rent is set at £17,000 per annum (plus £2000 per annum for the owners' flat) which is exceptionally low for a business of this quality. The lease excludes responsibility for repairs to the exterior of the property, such repairs to remain the responsibility of the Estate. This is a major asset of this lease. We are advised that at the end of the term the lease (not seen by Guy Simmonds) will be renewable with no further premium - subject to the provision of the Landlord and Tenant Act 1954.

We are advised that mains electricity and water are connected with sewage to as septic tank. Central heating to the letting bedrooms and cooking are by LPG with oil-fired central heating to the main building (no services seen or tested).

Business rates and water are advised as being £11,538 per annum.

Important. Prospective purchasers should ensure that they gain the NCPLH Qualification in readiness for their intended operation of licensed premises. Guy Simmonds hold this one-day NCPLH Course every 2 weeks. Please telephone us to reserve your place or browse the training section of this site.

THE BUSINESS

This is an exceptional business!

In the year to the end of May 2006, a turnover of £394,622 was achieved with a gross profit of 65.7%. This was the first year’s operation by the current owners and further expansion of turnover and profits has been achieved since then.

The business is the only pub/restaurant in the county of Lincolnshire to be listed in the Egon Ronay Guide 2006 and has won awards such as the Lincolnshire Life Tastes of Excellence County Cuisine Award. The menu is comprehensive, and the business prides itself on use of local ingredients. It is also smoke free throughout which has further increased trade. The letting bedrooms have an AA 3 Diamond rating. This is a highly profitable business with reconstituted profits of £80,000 to £100,000 highly achievable.

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

Property information

Property:

Leasehold