Leasehold Restaurant In Gloucester For Sale

Business description

The particular highlights of the business are:
- The owner may be prepared to accept staggered payments for the business, enabling the buyer to pay from profits although a lump sum sale would be more favorably considered.
- 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 £100,000 with a net profit of £15,000. (See financial summary below). This is very impressive considering the credit crunch.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business.

History
Agents are delighted to place onto the market this thriving restaurant which has been established since 2006. The business has been in the hands of the current owner since business opened and he now wishes to sell due to other business ventures.

Services
This very good business opportunity provides quality Mediterranean food.

Staffing
The concern employs 5 staff which are all part time. All staff would stay on after a sale.

Owners Role
The owners’ role is hands on and deals with the day to day running of the business

Marketing
The owner markets the business in local newspaper and has a website.


Competition
As far as competition is concerned this is a well known dining out area and it therefore attracts a lot of clientele who can enjoy different types of cuisine.

Market
The client base consists of regulars with passing trade and some through advertising.

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.
• Increasing the opening hours to include longer trading hours especially during the afternoon.
• Extend the menu.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With an enhanced 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.

Property Details
The front is branded with an attractive glass front. There are manual shutters and a CCTV system. The main customer service area is tiled with a middle aisle and shelving and racking to the walls. It is very well presented and is very conveniently laid out.

The restaurant has 60 covers. The customer service point is to the front. There are disabled toilets. The bar area is to the front of the restaurant.

Equipment with sale
All fixtures and fittings and equipment are included in the sale price and are valued at £60,000.

First Floor
On the first floor there is kitchen as well as a preparation room.

Second Floor
On the second floor there are customer toilets.

External
To the front there is the main road.
To the rear there is one parking space for owner.

Financial Details
The present turnover is £100,000 per annum with a gross profit of 75% and a net profit of £15,000. The potential turnover of the business within the next 2 years is forecast to reach £180,000 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.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 15 years with 11.5 years remaining. The rent is £9,500 pa with a review in 1.5 years. The lease may be renewable or negotiable for longer term if required. The rates are £1,900.

Leasehold rent:

£9,500 per annum

Location:

- Situated on Northgate street area of Gloucester in Gloucestershire
- Prominent location on main arterial road
- Part of a parade of shops
- Excellent parking facilities nearby
- Area earmarked for regeneration and is part of the new developments in the Gloucester Docks.
- Surrounded by densely populated residential area with schools and other local amenities.
- Local population consists of a mixed population
- High levels of passing trade
- Good volumes of traffic and pedestrian flow
- Commercially thriving area

Premises details:

The front is branded with an attractive glass front. There are manual shutters and a CCTV system. The main customer service area is tiled with a middle aisle and shelving and racking to the walls. It is very well presented and is very conveniently laid out.

The restaurant has 60 covers. The customer service point is to the front. There are disabled toilets. The bar area is to the front of the restaurant.

Equipment with sale
All fixtures and fittings and equipment are included in the sale price and are valued at £60,000.

First Floor
On the first floor there is kitchen as well as a preparation room.

Second Floor
On the second floor there are customer toilets.

External
To the front there is the main road.
To the rear there is one parking space for owner.

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.
• Increasing the opening hours to include longer trading hours especially during the afternoon.
• Extend the menu.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With an enhanced website.

Competition / Market:

As far as competition is concerned this is a well known dining out area and it therefore attracts a lot of clientele who can enjoy different types of cuisine.

Reasons for selling:

Now wishes to sell due to other business ventures.

Other information

Furniture / Fixtures value:

£60,000 (included in the asking price)