Mk Quality Italian Restaurant And Pub For Sale

Business description

The particular highlights of the business are:
- 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 £416,000 pa with a net profit of £100,000. (See financial summary below).
- A business with great potential which has not been exploited because the owner wishes spend more time with family.
- An easily run operation.
- Good loyal well trained staff.
- The quality of the food is exceptional and the business enjoys an excellent reputation.
- The rent and rates are very reasonable.
- Won the best Italian Restaurant in Milton Keynes (MK Review).
- Sponsored a roundabout in Milton Keynes
- Refurbished kitchen has now reached achieved a 4 Star award from the local EHO.

History
We are delighted to place onto the market this thriving Italian restaurant and public house which has been established for over 100 years. The business has been in the hands of the current owner since 2006 and he now wishes to sell due to family reasons.

Services
This very good business opportunity provides high quality Italian food and a traditional pub. 70% of sales are wet. The menu is imaginative and very well priced.

Staffing
The concern employs 9 staff. 5 are full time and 4 are part time. The head chef is paid £25,000, the comi chef £19,000 and the other full timers between £14,000 and £21,000. The part time staff are paid at £6 per hour. All staff would stay on after a sale.
Owners Role
The owners’ role is very hands on and he works full time.

Marketing
The owner markets the business in local publications and leaflet drops and has a website. Leaflet drops in Milton Keynes and Leighton Buzzard have been dropped as recently as June and July 2011.
The Owner has own bi-montly newsletter to a mail list of currently over 500.

Competition
As far as competition is concerned the nearest Italian is 2 miles away but the quality of food and pricing is more competitive making this business the premier Italian in the area.


Market
The client base consists of a mixed clientele with the average spend per head being £15 per person.

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.
• Increase opening hours.

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 turnover is £416,000 per annum with a gross profit of 55% and a net profit of £100,000. The sales increase is now averaging £33,000 per month. The wages are £100,000. The present value of the stock is £5,000.
The potential turnover of the business within the next 2 years is forecast to reach £600,000 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.
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 30 years with 12 years remaining. The rent is £35,000 pa with a review in 2012. The lease may be renewable or negotiable for longer term if required. The rates are £5,000.

Leasehold rent:

£35,000 per annum

Living accommodation:

On the first floor there are 4 double bedrooms (all en suite with electric water shower) with a living room. There is also a double kitchen and the usual facilities. The first floor has been refurbished.

Location:

- Situated in the village of Little Bricknell near Milton Keynes.
- Prominent location on main arterial road through the village.
- Clients from a 20 mile radius.
- Very central to Dunstable, Leighton Buzzard, and Bedford.
- A lifestyle area.

Premises details:

This detached property is very large and has a large car park to the front with extensive gardens including a playground and pool area with an al fresco dining area to the rear. The well presented and stylish property has a lobby area with toilets leading to the lounge bar that has one open fire place and two with woodburners with enough wood stocked for two winters. A drop ceiling has been added to the conservatory, which helps keep the room cooler in summer and warm in the winter. The bar also services another lounge area which leads to dining tables and a large dining area to the rear. There are over 60 covers altogether. The front of the building has been newly refurbished as has the inside of the building with designer wallpaper. There is a CCTV system installed with 8 cameras and internet access.

To the rear is a store room. There are a toilet and staff facilities and a fully equipped and very spacious kitchen. There are further storage facilities behind the kitchen.

First Floor
On the first floor there are 4 double bedrooms (all en suite with electric water shower) with a living room. There is also a double kitchen and the usual facilities. The first floor has been refurbished.

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.
• Invest in upgrading the outside of the premises.
• Increase opening hours.

Competition / Market:

As far as competition is concerned the nearest Italian is 2 miles away but the quality of food and pricing is more competitive making this business the premier Italian in the area.

Reasons for selling:

Owner now wishes to sell due to family reasons.

Trading hours:

Monday to Friday: Noon to 3pm and 6 – 11pm
Saturday: Noon until 11pm
Sunday: Noon to 3pm

Employees:

9

Years established:

4 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:

£40,000 (included in the asking price)

Inventory / Stock value:

£5,000