Business for sale

Business description

“The best little town pub in the country” an internationally renowned dickensean hostelry located at the heart of the city of lancaster.

A quite wonderful business with outstanding trading performance and profitability. It is an institution in the north of england and is ready for its next custodian who will reap the benefits with just two owners over the last 21 years. We are offering the lease by way of assignment at £150,000 partially tied to include fixtures and fittings goodwill and s.a.v.

*Fabulous turnover for year ending 2007 £545,266 Inc V.A.T. with forecast reconstituted net operating profit of £76,595 89% wet and 11% dry – currently operated under management.

*Period character MAIN BAR (120+) with bags of charismatic atmosphere – courtyard with smokers solution

*Planning for a development to introduce a bar patio at 1st floor level.

*Nationally and internationally recognised for its jazz and beers with a strong all year round locals trade and high patronage by the Universities vibrant Student population.

*Large comfortable owners four bed roomed accommodation.

*A new twenty-year lease partially tied, fully landlord and tenant protected with option to renew in 20 years at no further cost – rent set of 5 years.

LOCATION (LA1 1JG)
The premises are located on Market Street in the heart of Lancaster, which has a famous university and has thriving commercial business centre. Lancaster benefits from its location near to the Lake District, Manchester, Bolton, Preston and Blackburn.

The premises attract business from all these areas and even have visitors stopping of on their journey between London and Glasgow. The local trade is considerable and generally the profile is of customers of 30 years and over, with many professional people and real ale and music lovers. Be prepared to “lose your heart”.

PROPERTY DESCRIPTION
Possibly one of lancaster’s oldest public houses, it has retained its character it is of stone construction under a slate roof. It has many of its original stained glass windows, which add to the character and general ambience.

The main bar (120) is oblong with the bar servery running three quarters the length of the right side of the trading area. It is of traditional dark heavy construction with three service bays.

The seating is a mixture of fixed button backed leather and loose chairs and stools, the walls are covered with wonderful photographs of the many jazz nights, posters of famous jazz performers through to pictures of old bikers local trips with up to a hundred followers, it is clear to see the strength of following the business has.

Every inch of the premises has a history and it tells of the long and substantial following .the toilet facilities are to the rear of the premises and the cellar is a traditional underground facility, made up of two rooms with the cellar drop coming from the main street. There is a large catering kitchen located on the first floor with ample room for storage. This area also leads out onto the flat roof area on which it is proposed to build the first floor beer garden.

OWNERS ACCOMMODATION
The owner’s accommodation is located on three floors with the large lounge to the front of the building on the first floor. On the second floor there are two bedrooms and a family bathroom with slipper bath and wonderful stained glass window. From the large landing a door leads to the third floor and two attic bedrooms. It is possible to separate the owner’s accommodation from the Kitchen and other trading areas.

EXTERNALS
There is a courtyard to the rear of the building which is currently used for smokers, it is completely enclosed and only accessed from the bar it has painted walls and planters, tables and chairs and has proved very popular with the locals, hence the plan to extend to the flat roof which will be turned into a roof top beer garden.

PREMISES LICENSES
We are advised that the business’s premises license allows for trading Monday through to Saturday 10am until 12.00 pm and Sunday 12 noon until 12 midnight. A personal license will be required and our associates would be delighted to offer assistance in this respect.

TENURE
We are instructed to offer the business for sale by way of lease assignment of a 20 year partially tied lease from 2008, fully renewable at no further premium with full Landlord & Tenant Act Protection from Punch Taverns at a business rent of £60,000 p.a. with the next rent review in five years time.

SERVICES
We are advised that the pub benefits from mains services for electric and sewage and gas Central heating throughout. Rates payable are £13,500 p.a.

THE BUSINESS
We are instructed to offer this business for sale due to genuine personal reasons. Built up over the last 21 years this pub is now an institution in the north west of England written about in many national and international news papers and referred to as the “ best little Town pub in the country” it’s success is based on traditional values it has a thriving Jazz scene, real ales and at lunch time traditional pub food.

The turnover for the year ended 2007 was £545,266 Inc V.A.T split 11% food and 89% wet our clients have informed us they expect there reconstituted net operating profit to be circa £76,595. Whilst the business is run on a very particular style our client has run it under management for the last year and we believe that there is the possibility to take the trade even further especially given the opportunity to develop the roof top beer garden.

The business has been run with no requirement for door staff and has a small full time staff who take most responsibility for the day to day running.

This is a chance to become a custodian of a great british traditional pub with strong trade and good operating profits.

Accounts information will be made available to interested parties after viewing.

Ref: S4415L