Profitable Leasehold Grade II Listed Hotel Restaurant In Somerset For Sale

Business description

The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business with favourable lease terms (see below).
- Turnover in excess of £350,000 pa with a net profit of £37,502(see financial summary below).
- A business with great potential.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business and ideal purchase for a husband and wife team or business partnership
- Low rent and rates.
- Very low overheads.
- A niche concern with no competition.
- Business enjoys superb local reputation
- The concern provides guest letting accommodation and serving traditional English food. The premises are 3-storey and boast 10-letting rooms, 9 with en-suite facilities and 1 with private, a large restaurant and bar area to accommodate approximately 120-covers, along with a spacious function room.

Services
This very good business opportunity provides guest letting accommodation and serving traditional English food. The premises are 3-storey and boast 10-letting rooms, 9 with en-suite facilities and 1 with private, a large restaurant and bar area to accommodate approximately 120-covers, along with a spacious function room.

Staffing
The concern employs 16 staff only 1 being full-time. The wages are £9,500.

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 and has a website.

Competition
There is no local competition.

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 all day trading to include morning coffee & cakes and light snacks and afternoon teas throughout the day.
• Becoming more efficient with staffing levels.
• 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 property is 3-storey and has 10-letting rooms, 9 with en-suite facilities and 1 with private, a large restaurant and bar area to accommodate approximately 120-covers, along with a spacious function room. The property retains many of its original features but has modern facilities throughout. The business also offers 3-bedroom owners' accommodation. There is a comprehensive website in place, which provides information about rates, facilities, location, contact details and on-line booking.

Equipment with Sale
All fixtures, fittings and equipment are included in the sale price and are valued at £46,000.

Financial Details
The present annual turnover is £371,152 with a gross profit of £253,053 and a net profit of £37,502. The wages are £9,500.
The potential turnover of the business within the next 2 years is forecast to reach £420,000 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.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 17 years with 15 years remaining. The rent is £35,000 pa with a review in 2013. The lease may be renewable or negotiable for longer term if required. The rates are £11,516.

Leasehold rent:

£is £35,000 pa per annum

Living accommodation:

The business also offers 3-bedroom owners' accommodation

Location:

- Situated in the historic village of Nunney in Somerset.
- Prominent location on main arterial road.
- Excellent free customer parking facilities at the front and rear of the premises.
- Surrounded by a well 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 A361 and A359.
- Frome, Warminster and Shepton Mallet all lie close by.
- Area enjoying much growth and regeneration.
- A lifestyle area.
- Excellent local demographics for this type of area.
- Affluent area.

Premises details:

The property is 3-storey and has 10-letting rooms, 9 with en-suite facilities and 1 with private, a large restaurant and bar area to accommodate approximately 120-covers, along with a spacious function room. The property retains many of its original features but has modern facilities throughout. The business also offers 3-bedroom owners' accommodation. There is a comprehensive website in place, which provides information about rates, facilities, location, contact details and on-line booking.

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 all day trading to include morning coffee & cakes and light snacks and afternoon teas throughout the day.
• Becoming more efficient with staffing levels.
• With an enhanced website.

Competition / Market:

There is no local competition.

Reasons for selling:

Retirement

Trading hours:

Monday to Saturday: 12noon – 3pm then 6pm – 11pm
Sunday: 12noon – 3pm then 7pm – 10.30pm

Employees:

The concern employs 16 staff only 1 being full-time. The wages are £9,500

Years established:

the 16th century

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:

£46,000 (included in the asking price)