Substantial City Restaurant And Bar For Sale

Business description

IN ADMINISTRATION: Superb award winning prominent restaurant, bar & ‘DJ bar’ (A3/A4)
with wide frontage and 2am licence in the heart of the City of London
close to Barbican, Smithfield & Charterhouse Square

Wide (50ft) frontage

Approx 3500 sq ft in total over 2 floors (ground floor & lower ground floor)

Restaurant & large bar on ground floor

DJ Bar with decks and dance floor on lower ground floor

Maximum capacity 300 people

Can serve up to 80 covers

The business is extremely popular for private hire by individuals, corporate clients and club promoters. The owners were very proactive in marketing the business both as a venue for corporate parties (e.g. UBS is a client) and for outside promoters.

This is an ideal opportunity for a restaurant group to open a new outlet in the City or for a restaurateur or bar owner to make his/her mark in a busy and affluent area in London.

FORUM have been instructed by the administrator, Clive Robert Hammond, of PB Recovery Limited, 26 Farringdon Street, London EC4A 4AB, to assist in the sale of the business. The business continues to trade under the administration and is to be sold as a going concern. Any enquiries regarding the administration should be sent directly to Clive Robert Hammond at the address quoted above. Please note that the affairs, business and property of the company are being managed by the administrator. The administrator acts as agent of the company and without personal liability.

Property information

Property:

Leasehold

Lease terms:

We understand that the property is held on a renewable 30 year lease which commenced on 5th July 2000 and has 23 years remaining. The passing rent will be £57,500 pa and there are rent reviews every 5 years commencing 5th November 2009. The rates are £17,000. The accommodation has the benefit of planning for A3 and A4 use.

Location:

The restaurant enjoys a prominent location close Barbican London Underground station which is in Zone 1 on the Circle, Hammersmith & City and Metropolitan lines between Farringdon and Moorgate. It is in close proximity to the Barbican Centre, Smithfield, Farringdon, Moorgate and St Bartholomew's Hospital (St Bart’s). Occupiers nearby include Holmes Place, Tesco, Malmaison Hotel, All Bar One and Fluid. The City or Square Mile as it is often known, is the world's leading international financial and business centre. 75% of the Fortune 500 companies have a London office here including law firms, foreign banks and insurance companies.

Other information

Reasons for selling:

Unfortunately, the business has recently gone into administration, but we understand the current situation is no reflection on the previous, current or future trading levels of the business. The owners took the decision themselves to place the business into voluntary administration due to personal cash flow restraints which resulted in them not being able to maximize the potential of the business.

Trading hours:

Monday to Friday from 12pm to 11pm (Monday – Wednesday) 12pm to 12am (Thursday), 12pm to 2am (Friday). Lunches are from 12pm – 4pm (Monday – Friday) and evening meals are from 6pm – 10pm (Monday – Friday)

Website:

www.considerforum.com

Contact the seller