Long Established Busy Freehold Guest House On IOW For Sale

Business description

The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business.
- Turnover in excess of £41,000 pa with a net profit of £14,000 (see financial summary below).
- A business with great potential for further development.
- An easily run operation.
- A good first time buyers business and ideal purchase for couple.
- Very low overheads.
- Business enjoys superb local reputation and has many repeat bookings year on year.
- The concern provides bed and breakfast, with five doubles, one twin and one family suite.

History
We are delighted to place onto the market this attractive detached Victorian Guest House which has been established since 1950. The business has been in the hands of the current owner since 1990 and now wishes to sell due to retirement.

Services
This very good business opportunity provides bed and breakfast.

Staffing
The concern employs no staff and is family run.

Owners Role
The owner is involved in the day to day running of the business.

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

Competition
As far as competition is concerned there is another similar business close by as this is a tourist area.

Market
The client base consists of tourists and repeat clients year on year.

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 evening meals.
• Increasing the product line to include teas and coffees in the garden area.
• To fully open all year with Christmas offers.
• 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.


The present annual turnover is £41,463 with a gross profit of £36,973 and a net profit of £14,000. The present value of the stock is £1000.
The potential turnover of the business within the next 2 years is forecast to reach £80,000 pa 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.


Disclaimer
These details do not constitute part of an offer or contract.
The statements and descriptions given are made without warranties by Phoenix Business Agents Limited who it should be noted have NOT verified the information provided.
Purchasers should in all cases undertake financial due diligence using their own professional advisors before committing themselves in contract rather than relying on illustrations ,figures and information given on behalf of the seller.

Property information

Property:

Freehold

Living accommodation:

First Floor On the first floor there are 4 en suite rooms and 1 guest room with private shower and toilet. Ground Floor On the ground floor there are 2 en suite rooms, guest lounge and dinning room. To the rear on the ground floor is the owner’s accommodation which comprises of a lounge with patio doors leading to the garden, double bedroom with en suite and access to the kitchen. There is also a chalet which has a covered walk way. This provides a separate lounge.

Location:

- Situated in the main road area of the village of Lake on the I.O.W.
- Prominent location on main arterial road.
- Excellent free parking facilities.
- Surrounded by densely populated residential area with schools and other local amenities.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with the towns of Shanklin and Sandown.
- Long sandy beaches and stunning cliff path walks all lie close by.
- Area enjoying much growth and regeneration.
- A lifestyle area.
- Excellent local demographics for this type of area.
- Affluent area.
- Very much a tourist haven.

Premises details:

The property is a detached Victorian building with mature gardens and car parking.

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 evening meals.
• Increasing the product line to include teas and coffees in the garden area.
• To fully open all year with Christmas offers.
• With an enhanced website.

Competition / Market:

As far as competition is concerned there is another similar business close by as this is a tourist area.

Reasons for selling:

now wishes to sell due to retirement.

Trading hours:

24/7

Employees:

The concern employs no staff and is family run.

Years established:

61 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:

£10,000 (included in the asking price)

Inventory / Stock value:

£1,000