Traditional Italian Fish And Pasta Restaurant For Sale

Business description

Business Details
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.
- Good loyal clientele.
- Fully equipped business with favorable lease terms (see below).
- A business with great potential which has not been exploited because of other commitments.
- An easily run operation.
- A good first time buyers business and ideal purchase for couple.
- Low rent and rates for the area.
- A niche concern with very little competition.
- Business enjoys superb local reputation with many repeat bookings.
- The concern provides Fresh Fish and Pasta cooked to a high standard in this traditional Italian restaurant.
- It has been refurbished 18 months ago to a very high standard.

History
Phoenix Business Transfer Agents are delighted to place onto the market this Traditional Restaurant which has been established for 2 years. The business has been in the hands of the current owner for 2 years and now wishes to sell to concentrate on restaurant full time.

Staffing
The concern employs 2 part time staff members and in the summer season extra staff members are taken on.

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
As far as competition is concerned there is another similar business nearby that offers the same menu.

Market
The client base consists of locals and tourists.

Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with local and internet advertising.
• Increasing the opening hours to include full days.
• Increasing the product line to include Pizza.
• Run special events and open 7 days a week.
• With an enhanced website to gain more tourist trade.

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 terraced and is part of a parade of shops and restaurants. The front is branded with an attractive glass front with views of the sea. The main customer service area is tiled with an open plan kitchen. It is very well presented and is very conveniently laid out and was refurbished to a very high standard 18 months ago.

The restaurant has 22 covers. The customer service point and bar is to the side. There are customer toilets.

There is a basement with 2 large rooms that are used as store rooms and staff rooms.

EQUIPMENT WITH SALE
All fixtures, fittings and equipment are included in the sale price and are valued at £16,000.

FINANCIAL DETAILS
The present annual turnover and gross profit is revealed upon request. The present value of the stock is £1,500.
The potential turnover of the business within the next 2 years is forecast to reach £150,000 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.


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 10 years with 6 years remaining. The rent is £13,000 pa. The lease may be renewable or negotiable for longer term if required. The rates are £1,500.

Leasehold rent:

£13,000 pa per annum

Location:

- Situated in Broadstairs area of Kent.
- Prominent location with stunning sea views.
- Part of a parade of shops close to the main shopping centre.
- Excellent parking facilities nearby.
- Surrounded by densely well populated residential area with schools and other local amenities.
- High levels of passing trade and the area is a tourist haven in the summer season.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with the main line station, which is a short walk away with trains to London.
- The area enjoying much growth and re-generation.
- A lifestyle area.
- Excellent local demographics for this type of area.

Premises details:

The property is terraced and is part of a parade of shops and restaurants. The front is branded with an attractive glass front with views of the sea. The main customer service area is tiled with an open plan kitchen. It is very well presented and is very conveniently laid out and was refurbished to a very high standard 18 months ago.

The restaurant has 22 covers. The customer service point and bar is to the side. There are customer toilets.

There is a basement with 2 large rooms that are used as store rooms and staff rooms.

Business Operation

Expansion potential:

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with local and internet advertising.
• Increasing the opening hours to include full days.
• Increasing the product line to include Pizza.
• Run special events and open 7 days a week.
• With an enhanced website to gain more tourist trade.

Competition / Market:

As far as competition is concerned there is another similar business nearby that offers the same menu.

Reasons for selling:

Owner wishes to sell to concentrate on restaurant full time.

Trading hours:

Monday to Friday: 12.00 am – 3.00 pm then 6.00 pm - 10.30 pm and closed on Tuesdays.
Saturday: 10.30 am - 11.30 pm.
Sunday: 10.30 am - 11.30 pm.

Employees:

The concern employs 2 part time staff members and in the summer season extra staff members are taken on.

Years established:

Established for 2 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:

£16,000 (included in the asking price)

Inventory / Stock value:

£1,500