High Street Billericay Essex A Wimpy Hamburger Restaurant For Sale

Business description

An ultra modern Hamburger & Fast Food Restaurant trading under the world famous Wimpy brand name. The restaurants were originally called Wimpy Bars and many people still refer to them by this name, despite the fact that the name “Wimpy Bar” was dropped in favour of “Wimpy” many years ago. The current owners of the Wimpy brand operate in several countries under the name of Wimpy International. The Wimpy brand was created in the 1950s. The name was inspired by the character of J. Wellington Wimpy from the Popeye cartoons created by E. C. Segar. Eddie Gold was running 12 restaurants by the early 1950s, when the concept of fast food came to the attention of the directors of J. Lyons and Co. Lyons licensed the brand for use in the United Kingdom and in 1954 the first "Wimpy Bar" Lyons was established at the Lyons Corner House in Coventry Street, London. Originally the bar was a special fast-food section within the more traditional Corner House restaurants, but the success soon led to the establishment of separate Wimpy restaurants serving only hamburger based meals. By 1970 the business had expanded to over a thousand restaurants in 23 countries. In 1977, the business was acquired by United Biscuits. By the late 1980s, Wimpy was beginning to lose ground to McDonald’s, who had opened their first UK restaurant in 1974, and so the new management of Wimpy began to streamline the business by converting some of the traditional table service restaurants to counter service. In 1989, the business was sold to Grand Metropolitan (now Diageo). Grand Metropolitan had acquired Burger King the previous year and they began to convert the “counter service” restaurants to Burger King restaurants. In 1990, the remaining 220 “table service” restaurants were purchased by a management buy-out backed by 3i. A second management buy-out occurred in 2002. On 27 February 2007, Famous Brands, which owns the Wimpy franchise in South Africa, announced that it had acquired Wimpy UK. Having acquired the brand, Famous Brands has re-branded Wimpy in the UK to bring it in line with Wimpy South Africa. The "new" logo is actually one used by Wimpy UK from the 1960s until the 1980s. Wimpy is currently re-branding and refreshing all its restaurants, an operation which commenced on 22 October 2007 with the launch of the new format at the Benfleet, Essex branch. Wimpy features new décor, seating and signage and a return to the original Wimpy colours of red and white. Supporting the new look is an improved menu and a significant marketing campaign.

Property information

Property:

Leasehold

Lease terms:

Leasehold. Granted for 25 years from February 1991, subject to 5 yearly rent reviews, the next in 2011. (The lease of the premises comprises the Restaurant, the Offices above the Restaurant, as well as one of the adjoining premises. Our Client granted a sub-lease of the adjoining premises to tenants who run a Hairdressing business, and this generates a rental income of £18,000 per annum. In addition, our Client also lets (under an informal arrangement) the Offices above and this generates additional rental income of £6,000 per annum).

Leasehold rent:

£47,000 per annum

Location:

Occupying a Prime High Street location surrounded by most of the country's leading brand names.

Premises details:

Ground Floor: In a total of approx 1,430 sq.ft. and comprising magnificently fitted equipped and decorated Restaurant premises, having been the subject of a complete refurbishment programme in 2007. A delightfully quaint frontage provides access to the Restaurant with a fully tiled floor throughout. Current seating arrangements provide 68 covers on both chair and bench seating. The left hand flank wall comprises the service counter, which gives access to the open plan kitchen space, which is of the highest quality, and in keeping with the brand image. The ground floor is fully air-conditioned ensuring the most comfortable dining environment all year round. Access from the main area to Ladies, gents and Disabled Persons Toilet and Washrooms, all of which are fitted and maintained to a very high standard. The passageway then gives access to a store, and then a Fire Escape which leads to the rear open yard and then to external elements which provide access to a side pedestrian alleyway. From the main area there is alternative access to secondary storage and also another exit to the rear yard which houses a free-standing Coldroom used for storage, which also houses a chest freezer.

1st Floor: This level is divided into two intercommunication Offices of approx 100 sq.ft. and 135 sq.ft. which our Client lets under an informal arrangement with the Estate Agents next door, and which provides a rental income of £6,000 per annum.

Business Operation

Trading hours:

Monday to Saturday from 9am till 8.30pm, closing at 9pm on Fridays and Saturdays. Sunday 11am till 7pm.