Greek Restaurant North West London Price Reduction For Sale

Business description

The particular highlights of the business are:
- A very high quality business with an excellent reputation.
- Ideally located concern offering excellent lifestyle.
- A well established business.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £208,000 pa with a net profit of £90,000. (See financial summary below). This is very impressive considering the credit crunch.
- A business with great potential which has not been exploited because the owner wishes to retire.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business
- A council property with very favorable lease terms.

History
Agents are delighted to place onto the market this thriving Greek restaurant which has been established since 2003. The business has been in the hands of the current owner since 2003 and he now wishes to sell due to retirement.

Services
This very good business opportunity provides traditional Greek and Cypriot food. The average spend per head is £22 to £25.

Staffing
The concern employs 3 staff. 2 are full time and 1 is part time. The total wage bill is £500 per week. All staff would stay on after a sale.

Owners Role
The owners’ role is full time and he and his wife are both full time.

Marketing
The owner does no marketing for the business.

Competition
As far as competition is concerned there are no other authentic Greek restaurants in the area.

Market
The business is frequented by a mixed clientele from all over the city.



Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• The local corporate market is untapped and there has been no pro active energy put into new clients.
• With the introduction of a website.

Training and Handover
The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.

Financial Details
The present turnover is £208,000 per annum with a gross profit of 65% and a net profit of £90,000. The wages are £25,000 pa. The present value of the stock is £3,000 and the fixtures fittings and equipment are worth £40,000.
In 2008, the turnover was £200,000. The potential turnover of the business within the next 2 years is forecast to reach £250,000 given the changes that are required to be made to the business. Full financial disclosure is available on request after viewings and the signing of a confidentiality agreement.
Please note Phoenix do not guarantee the accuracy of these figures which are in many cases estimated and are not verified. Please do not rely on the accuracy of these figures and seek professional help before making any offers. Phoenix will not be held liable for any inaccuracies in these figures or any other statements contained in relation to this business.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 20 years with 4 years remaining. The rent is £17,200 pa. The rates are £4,500 pa.

Leasehold rent:

£17,200 per annum

Location:

This very well presented business is located within the Swiss Cottage/ Hampstead area of London, in the NW3 postcode. It enjoys a very good and prominent corner position on the Finchley Road which has a huge amount of traffic and Pedestrian flow. There are three hotels very close by. There is also ample parking.

Premises details:

The property is presented to a very high standard. It lies on a corner plot and the entrance leads to the main eating area with 36 covers. The flooring is wooden with a bar to the rear. The kitchen is very large and is fully equipped with storage to the rear.
The ground floor is approx 530.14 sq ft and the basement in approx 555 sq ft, the kitchen is fully equipped and provides approx 193.34 sq ft.
The basement has toilets and a separate bar with 60 covers.

Equipment with sale
All fixtures and fittings and equipment are included in the sale price and are valued at £40,000.

Business Operation

Expansion potential:

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• The local corporate market is untapped and there has been no pro active energy put into new clients.
• With the introduction of a website.

Competition / Market:

As far as competition is concerned there are no other authentic Greek restaurants in the area.

Reasons for selling:

now wishes to sell due to retirement

Trading hours:

Monday to Sunday noon until 3pm and 6pm to 11pm.

Employees:

employs 3 staff

Years established:

7 years

Other information

Support & training:

The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.

Furniture / Fixtures value:

£40,000 (included in the asking price)

Inventory / Stock value:

£3,000