Mediterranean Steak House And Bar In Stevenage Herts For Sale

Business description

The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- Turnover in excess of £200,000 pa with a net profit of £0. (See financial summary below).
- A business with great potential which has not been exploited because the owner has various other business interests .
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business and an ideal purchase for a husband and wife team.
- A niche concern with no competition.
- Business enjoys superb local reputation.
- The concern provides a full Mediterranean menu and licensed bar.

History
Phoenix Business Transfer Agents are delighted to place onto the market this newly refurbished leasehold Mediterranean Steak House and Bar with accommodation which has been established since 2005. The business has been in the hands of the current owner since inception and he now wishes to sell due to other business interests.

Services
This very good business opportunity provides a full Mediterranean menu and licensed bar seating approximately 80 customers in the restaurant and a further 25 in the bar area.

Staffing
The concern employs 4 full time staff. They are paid at the rate of £6.08 per hour. The total wage bill is £40,000pa. All staff would be prepared to stay on after a sale.

Owners Role
The owners role is managing and working works mostly evenings in the business.

Marketing
The owner markets the business in local newspapers and on local radio and has a website.


Competition
As far as competition is concerned there is none.

Market
The client base consists of locals, business people and passing trade.

Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the opening hours to include daytime trading.
• Increasing the product line to include breakfasts and lunches.
• 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 information

Property:

Leasehold

Lease terms:

The original length of the lease was 25 years with 19 years remaining. The rent is £38,000 pa with a review every 5 years. The lease may be renewable or negotiable for longer term if required. The rates are £14,000.

Leasehold rent:

£38,000 per annum

Living accommodation:

On the first floor is a 1 double bed roomed flat with separate entrance. Currently let out at £6,000per annum. External

Location:

- Situated in Queensway area of Stevenage in Hertfordshire.
- Prominent location on main arterial road.
- Part of a parade of shops.
- Excellent parking facilities nearby.
- Industrial estates nearby.
- Area earmarked for regeneration.
- Surrounded by well populated residential area with schools and other local amenities.
- Local population consists of local community, and business persons.
- Area offers exceptional lifestyle.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with A1, A1(M), A602 and good railway links.

Premises details:

The property is terraced and part of a parade of shops and is approximately 3000sq ft. The front is branded with an attractive glass front and a CCTV system. The main customer service area has porcelain tiles with Versace wall tiles to the bar area. It is very well presented and is very conveniently laid out.

The restaurant has 80 covers with a further 25 covers in the bar area. The customer service point is to the front.

To the rear is a store room, customer toilets, staff facilities and a fully equipped kitchen

Business Operation

Expansion potential:

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the opening hours to include daytime trading.
• Increasing the product line to include breakfasts and lunches.
• With an enhanced website.

Competition / Market:

As far as competition is concerned there is none

Reasons for selling:

Due to other business interests

Trading hours:

Monday to Saturday: 5.30pm – 01.00am
Sunday - Closed

Employees:

The concern employs 4 full time staff. They are paid at the rate of £6.08 per hour. The total wage bill is £40,000pa. All staff would be prepared to stay on after a sale.

Years established:

7years

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:

£100,000 (included in the asking price)

Inventory / Stock value:

£10,000