Very Busy Greenwich 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.
- 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 £260,000 with a net profit of £112,500 (see financial summary below).
- A business with great potential which has not been exploited.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business.

History
Phoenix Business Transfer Agents are delighted to place onto the market this very busy restaurant in Greenwich which has been established since 1986. The business has been in the hands of the current owner since 2008 and he now wishes to sell to concentrate on his other businesses.

Services
This very good business opportunity provides southern fried chicken, burgers, kebabs and also grilled peri peri chicken on the menu. Eat in or takeaway.

Staffing
The concern employs seven staff. Six are full time and one is part time. They are paid at the rate of £6.00 per hour. The total wage bill is £57,200. There is also a manager. All staff would stay on after a sale.

Owners Role
The owner’s role is managerial and he works two days per week in this restaurant as well as spreading his time with his other businesses.

Marketing
The owner markets the business with local house to house leaflet drops and has a website.

Competition
As far as competition is concerned it is quite low for such a busy area.

Market
The client base consists of local, passing and tourist trade due to the proximity of the Maritime Museum and Cutty Sark.

Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings, local and internet advertising.
• Targeting local University students and tourist sites.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• 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 terraced, part of a parade of shops and is approximately 1,000 sq ft. The front is branded with an attractive glass front. There are electric shutters. The main customer service area is tiled. It is very well presented and is very conveniently laid out.

The restaurant has 30 covers. The customer service point is to the left. There is an overhead menu. There are customer toilets.

To the rear is a store room.

Equipment with sale
All fixtures, fittings and equipment are included in the sale price and are valued at £35,000.

Financial Details
The present turnover is £260,000 per year with a gross profit of £150,800 and a net profit of £112,500. The wages are £57,200. The present value of the stock is £300.
The potential turnover of the business within the next 2 years is forecast to reach £320,000 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.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 16 years with 14 years remaining. The rent is £19,400 pa with a review in 2012. The lease may be renewable or negotiable for longer term if required. The rates are £3,600.

Leasehold rent:

£19,400 pa per annum

Location:

- Situated in the High Road area of Greenwich in London.
- Prominent location on main arterial road.
- Part of a parade of shops.
- Excellent parking facilities nearby.
- Surrounded by a densely populated residential area with schools, universities and other local amenities.
- Area offers exceptional lifestyle.
- Very good / outstanding tourist trade.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with A206 and A200 with excellent railway links.

Premises details:

The property is terraced, part of a parade of shops and is approximately 1,000 sq ft. The front is branded with an attractive glass front. There are electric shutters. The main customer service area is tiled. It is very well presented and is very conveniently laid out.

The restaurant has 30 covers. The customer service point is to the left. There is an overhead menu. There are customer toilets.

To the rear is a store room.

Size in square feet:

1,000 sq ft

Other information

Expansion potential:

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings, local and internet advertising.
• Targeting local University students and tourist sites.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With an enhanced website.

Competition / Market:

As far as competition is concerned it is quite low for such a busy area.

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.

Reasons for selling:

Owner wishes to sell to concentrate on his other businesses.

Trading hours:

Monday to Sunday: 10.00 am to 11.00 pm.

Furniture / Fixtures value:

£35,000 (included in the asking price)

Inventory / Stock value:

£300