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Successful Bar In Philippine Paradise For Sale

Philippines
Asking Price:
$40,000 (USD) Furniture / Fixtures and Inventory / Stock included
Sales Revenue:
$30,000 (USD)
Cash Flow:
$80,000 (USD)

This is a fully functioning and currently operating bar in Panglao, Bohol, Philippines. Panglao is the epicenter of tourism in the Philippines.

The bar has been successfully operating since 2017 and is well established with the local expat community, which generates the large majority of business for the venue.

It is your neighborhood chill spot and dive bar where we make everyone feel welcome. The bar is known as one of the best late night party spots on the island, as well as serving some of the best fully-loaded New York style pizza, buffalo wings, and fried things.

The outside bar area is equipped with a professional billiards table, DJ booth, and even a pull-up bar!

The air-conditioned interior bar has been converted into a black light UV lounge, perfect for a chill shisha/hookah area, or some late night dance party action. There is also a professional dartboard for some more family friendly fun earlier in the evening.

The bar is available for immediate assumption. Buyer is entitled to ALL ITEMS in the bar, including refrigerators, televisions, sound system, billiard table, tables, chairs, all kitchen cooking and preparation materials. The Buyer is buying EVERYTHING in the bar, including the NAME and even all Food Preparation techniques and RECIPES.

Reason For Selling: Owners have a young daughter and have plans to move back to the US for her schooling.

For more information, please contact us by using the form below.

Property Information

Real Estate:

Lease

Lease Terms:

We currently have a little less than 4 years left on our lease. But basically we would sell you the rights to take over the lease. You are then free to negotiate a longer lease with the land owner.

Leasehold Rent:

$2,400 (USD) per annum

Location:

It is is situated in prime tourist country. It's surrounded by upscale resorts, other restaurants and dive shops, where land values are increasing monthly, even during COVID. Only a short walk to Danao Beach, and a 2 minute drive to Alona Beach, the premier tourist spot on the island.

Premises Details:

The bar itself is located at the front (directly on the main road) of a usually busy hotel, featuring over 30 rooms on its own. Guests from the hotel behind the bar are frequent visitors to the establishment.

Size in square feet:
1,000

Business Operation

Expansion Potential:

We are proud to announce that our menu items will soon be offered in an off-site location. We have expanded into a food park. In May 2021, we are opening a food stall in the hottest premier, food park location in the main city of Bohol. The food park is situated on the only strip of white beach near the main city closest to Panglao, Tagbilaran. Although this location is not offered in the listed price, if buyer is interested, we can offer this second food location as part of the negotiable deal.

Competition / Market:

All things considering, It has withstood the test of time. And COVID is no exception. We have branded ourselves as an expat and locals bar, so we haven't been affected even nearly to the level as some other bars on the island. The tourists are certainly a boon for business but we are more than surviving. We're "surthriving." There are even more western run restaurants opening up around the bar, which is proving to be an even greater situation than we could have hoped. All the neighboring spots are super friendly and we do our best to work together to bring business to everyone. The more spots that open, only incentivizes people to come check out our location.

Reasons for selling:

My wife and I now have a one year old daughter. We have plans to move back to the US with her in the next year or so. I want to give her the childhood and advantages that I had growing up in America. SO, with some sadness, we have decided it is time to find a new owner for The Reef!

Trading hours:

Currently operating Wednesdays through Sundays, 5PM until 2AM. These are flexible for the buyer to adjust.

Employees:
4
Years established:
4

Other Information

Support & training:

The menu offered has been a success, so we would advise sticking to a similar offering, if not maintaining the exact food. All training on food recipes and preparation will be provided. The only thing that will remain undisclosed are the recipes for the wing sauces. However, as previously mentioned in the description, the recipes can be negotiated for.

Furniture / Fixtures value:
$10,000 (USD) - included in the asking price
Inventory / Stock value:
$1,000 (USD) - included in the asking price

Contact Seller

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