Long Established Mediterranean Restaurant In Northampton Price Reduced 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.
- A well established business.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £250000with a net profit of £16000 (See financial summary below).
- An easily run operation.
- Good loyal well trained staff.
- Low rent and rates.
- Very low overheads.
- A niche concern with very little competition.
- Business enjoys superb local reputation
- The concern provides Mediterranean Cuisine.

History
We are delighted to place onto the market Mediterranean Restaurant which has been established since 1957. The business has been in the hands of the current owner since 1992 and now wishes to sell due to retirement.

Services
This very good business opportunity provides Mediterranean Cuisine.

Staffing
The concern employs 7.
Owners Role
The owner is involved in the day to day running of the business.

Marketing
No marketing or promoting of the business has recently been undertaken as the business is well known.

Competition
There is no local competition.

Market
The client base consists of well established customers locals and passing trade.

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 Lunchtimes and all day Sunday.
• 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.

The present annual turnover is £250000 with a gross profit of £146000. The wages are £45000. The present value of the stock is £1000.
The potential turnover of the business within the next 2 years is forecast to reach £420000 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:

Leasehold

Lease terms:

The original length of the lease was 20 years with 16 years remaining. The rent is £10000 pa with a review in1. The lease may be renewable or negotiable for longer term if required. The rates are £2800.

Leasehold rent:

£10000pa per annum

Location:

- Situated in the town centre area of Northampton in Northamptonshire.
- Prominent location on main road.
- Part of a parade of shops
- Excellent parking facilities to front.
- Industrial estates nearby
- Surrounded by densely well populated residential area with schools and other local amenities.
- High levels of passing trade
- Good volumes of traffic and pedestrian flow
- A commercially thriving area.
-- Area enjoying much growth and regeneration.
- A lifestyle area
- Excellent local demographics for this type of area.

Premises details:

The property is terraced, part of a parade of shops and is approximately 1,500 sq ft. The front is branded with an attractive glass front. The restaurant has a total seating capacity of 74 covers spread across the ground and first floor with an attractive bar area situated on the ground floor. It is very well presented and is very conveniently laid out.

To the rear is a store room. There are a toilet and staff facilities and a fully equipped commercial kitchen.

Size in square feet:

1500 sq ft

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 Lunchtimes and all day Sunday.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With an enhanced website.

Competition / Market:

There is no local competition.

Trading hours:

Monday to Saturday 5.30-10.00. Sunday Closed

Employees:

The concern employs 7.

Years established:

54 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:

£30,000 (included in the asking price)

Home based:

This business can be run from home.