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Fri, Feb 28 2020 08:31:56 AM  |  /

Popular Mediterranean Restaurant & Pizzeria Prominent Town Centre location

Business Id:000373     |    Reference: AC361
Leasehold Price:
£27,000.00
Business Description

Popular Mediterranean Restaurant & Pizzeria

Prominent Town Centre location

Ref. AC361

Location : Gloucestershire

Asking Price : £270,000 inc. Assets

This business has operated as a mediterranean style restaurant on this very prominent, high street location for 15 years and was purchased by the vendor with the intention of creating a vibrant, addition to this busy market town in the heart of gloucestershire, serving a very high quality menu of dishes that have turned out to be very popular.

The business had been a tea-shop but the vendor invested in a high quality refurbishment of the premises that included the restaurant and food preparation areas as well as the al fresco areas to the premises.

Since refurbishment of this period building to high spec kitchen and chic dining area décor, the restaurant has been busy since day one and has proved to be extremely popular with local residents who enjoy the cosy atmosphere and high quality food on offer, which is under the management, day to day, of a highly professional full time staff, including 3x kitchen and 4x front of house.

The menu is made up of quite typical mediterranean options, geared toward traditional British tastes and also includes a very popular range of Pizza dishes with a varied selection of starters and side dishes. The restaurant is fully licensed.

Even though the restaurant is situated in the centre of tourist activities in Gloucestershire, this business does not rely upon seasonal custom but rather, takes advantage of this discrete town’s busy commercial and residential population, which has led to consistent non-seasonal trading.

The business operates in the mornings as a regular destination spot for locals getting coffee, tea and breakfast treats and then runs into the usual lunch trade. Evenings see the business become a traditional mediterranean restaurant and pizzeria.

Due to its desirable setting the restaurant enjoys high levels of awareness and footfall. The unique atmosphere results in high levels of repeat business and strong word of mouth recommendation, bearing testimony to the excellent reputation its dining experience throughout the area.

The premises has 52 covers indoors and including the outside dining terrace there are 80 covers. The kitchen is fully fitted with a pizza oven. There is a suitable storage area, prep room, and dry store. Rent & rates (100% relief) are approx. £12,000 per annum.

There are currently 3 full-time chefs, 4 front of house, together with part-time dish-washing staff.

 
Business Information
Turnover:£340,000.00 Annually
Profit:£87,000.00 Annually
Property Status:   Leasehold
Leasehold Term: Rent & rates (100% relief) are approx. £12,000 pe
Is this business relocatable: No
Business Sector: Pizza Restaurants, Pizza Takeaways and Delivery Shops, Restaurants
Statistic Information
Total Views:
Impressions:
Total Enquiries:
Last Viewed:
Last Updated:
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Business Profile
Equipment:
Key strengths: • Location • Well known in the area • Popular menu • Modern high spec kitchen facilities – PVC Cladding • Staff are long served and loyal • 9 years left on lease • Friendly and amenable landlord • Profitable
Key Opportunities: This is very much a “more of the same” opportunity at its heart, though the opportunity remains to open the restaurant on the remaining days of the week, holiday periods and to introduce an outside catering offering.
Financial performance: The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler. Turnover circa £340,000 (2018 accounts) Gross profit circa £244,000 Net profit circa £87,000 Stock & Equipment Asset Value circa £20,000 The Asking Price is for 100% of the ownership of the company based on Net Assets being circa £20,000. There will be a £ for £ adjustment to the asking price to reflect any rise or fall in this net asset position as at completion.
Asking Price: £270,000 inc. Assets
Advertising and Marketing: The business has an attractive website and relies very successfully upon word of mouth recommendation, social media following and return custom.
Growth and Expansion:
Premises: The premises is a sensitively refurbished period building in a market town of similar architecture and situated among other busy and prosperous buisnesses. The premises has 52 covers indoors and including the outside dining terrace there are 80 covers. The kitchen is fully fitted with a pizza oven. There is a suitable storage area, prep room, and dry store. Rent & rates (100% relief) are approx. £12,000 per annum. The restaurant is located in the heart of an affluent residential and commercial area of Gloucestershire and is ideally placed on a busy high street with plenty of parking available. The premises are leasehold and has 9 years left on its lease. The restaurant is on two floors with circa 800 square feet in total not including the outside dining area, and includes a bar. The kitchen is extremely well fitted and benefits from a full PVC cladding ensuring the best standards of cleanliness.
Business Hours: The restaurant is open on Wednesdays, Thursdays, Fridays & Saturdays; the vendor strongly believes that unexploited opening hours would benefit sales greatly. The business is open on these days from 8:30am to 3:00pm and from 5:00pm to 11:00pm and closed
Employees: There are currently 3 full-time chefs, 4 front of house, together with part-time dish-washing staff.
Support and Training: The owner is happy to train and handover the business to the new owner.

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