Business for sale

Business description

Renowned” high quality coaching inn full of atmosphere – located on the rutland / lincolnshire borders at the heart of the historic rural community of corby glen

A magnificent commanding inn set within lovely village with narrow streets and stone cottages attracting a well balanced trade of locals, visitors & tourists offered at a reasonable price of £99,500 lease assignment free of all ties to include fixtures and fittings, goodwill plus s.a.v.

*Sales foundation of above £305,000 inc vat 45% Dry to 45% Wet 10% Guest Lettings – with excellent net profits potential – capable of £10,000 p/w

*High specification internal features inc beamed ceilings, reclaimed stonework and roaring open fires within cosy informal snug lounge (24+), formal dining (50) & locals games bar (20+)

*5 well presented comfortably furnished en-suite guest bedrooms

*Exceptional owner’s accommodation with 2 spacious bedrooms

*“Let this beauty steel your hearts away” – an outstanding period property, thriving business and quality family home within breathtaking locale

*Private Free of Tie Lease – rent set till 09/10 – no structural repair liability

LOCATION (NG33 4NS)
Corby glen is a popular well known rural community set on the borders of rutland & lincolshire yet within 3 minutes of the busiest trunk road in the uk (a1). The historic annual sheep fair event is an all weekend attraction spread over three days with exhibitions, county crafts fair, and buzzing street markets nestling within the narrow runs of original stone cottages of this quintessentially english village which is mentioned in the dooms day book of 1086.

An area renowned for its outstanding pretty villages and highly desirable for wealthy families to set up home, is know as a location of sustainable wealth and income. From the a1 island junction with the a151 just to the south of grantham and east of melton mowbray, drive east on the bourne road and you will find the property sitting proudly on the main road overlooking a pretty village green “holding court” over the pantile roofs of the ancient village.

PROPERTY DESCRIPTION
A most stunning property originally constructed in 1880 of mellow local stone under pitched pantile roofs, the property has been sympathetically extended with matching local brick and pantile roof, in keeping with the rural aspects of the village. Trading back in those days as an arched coaching inn attracting trades people, wool merchants, local villagers and travellers between grantham and stamford and onwards to london, the only real change is to the method of transport used by its clientele and the degree of modern comforts within this most special hostelry.

The snug lounge (24+) is a cosy yet bright open area with flagged floor,” chesterfields” low feature coffee tables, simply delicious fireplace, exposed ships beams, and reclaimed exposed stone walls. A central bar island servery with polished counter top houses a range of polished real ale wickets and bright beer pumps which are serviced by a deep cooled cellar. The formal dining room (50) with the splendour of its high beamed ceiling, stripped timber floors, exposed stone walls with regency windows has french doors opening onto the inn’s gardens.

This most pleasing bright and airy room provides the opportunity of intimate relaxed dining , groups or separation for private parties and weddings which could “spill out” onto the lawns.

Locals games bar (20+) of stone walls and beamed ceiling finish, this provides a balanced alternative to the more “foodie” occasions of the business and a “watering hole” for locals to enjoy traditional pub sports and pool providing income for the business, past the food service times.

Catering kitchen and support facilities are conveniently located and extensively equipped with commercial stainless steel units enabling a full range of food service from traditional pub food, through to quality restaurant style food and wedding breakfasts.

Wash room facilities are well presented with ladies, gents and disabled toilets.

GUEST LETTING ROOMS
Targeted at the short break, business travellers and visitors to local village families, there are 5 en-suite bedrooms, singles, double, twins or family rooms to suit requirements. All room are comfortably furnished and have colour TV’s. Our clients have not developed a web site for the business and this would substantially add to its success especially taking into consideration its proximity to the A1.

OWNERS ACCOMMODATION
This comprises of well presented and modernised arrangements including : 2 Generous Bedrooms, living room with open fireplace, fitted kitchen, bathroom and office. Altogether a comfortable and relaxing domestic home.

EXTERNALS
To the Inn’s frontage is a grassed area suitable for picnic benches over looking the village and it’s green. To the side of the Inn is a delightful garden with patio and direct access into the inn by the large French windows, ideal for that relaxing “al fresco” moment or as an extension for summer weddings etc.

PREMISES LICENSES
The Premises License allows opening of 11am till 12pm all week on “grandfather rights”. The business opens for trade Monday 6pm till 11pm, Tuesday till Friday 12 noon till 3pm then 6pm till 11pm with Saturday & Sunday 12 noon till close. This allows plenty of opportunity to open further available trading hours if required. A Personal License will be required and our training associates can assist with this for you along with other licensed retail training inc BII courses.

TENURE
The business is being offered with the benefit of a PRIVATE LEASE of 12 years commencing Aug 04 with a current rent of £50,000 set until 09/10 fully Landlord & Tenant Act protected and renewable at the term end for a further 12 years at no cost and under no less favourable terms. The owners of the Freehold live in Epping and are well know to our firm for being easy to talk to and deal with.

Graham Allman of GA-SELECT assisted in putting the HOT’s (heads of terms) together and handled the initial investment freehold sale and lease appointment of our current instructing client. There are no structural repairs responsibility within the lease and the terms include being FREE of TIE ( expect for bottled beers) so all Draught beers, lager, cider, stout, wines, spirits, minerals, food and sundry items can be purchased at there best prices from any supplier. THIS IS A FREEHOUSE BUSINESS.

SERVICES
We are advised that the pub benefits from mains electric, water, sewage with heating by OIL and cooking by LPG. Business rates are advised as £4,600 pa payable.

THE BUSINESS
Our clients purchased the business in 2005 and are only selling on due to genuine health reasons. Sales for the current year are set to show £306,000 inc vat on a balanced sales split of 45% Wet to 45% Dry and 10% Guest lettings. Net Disposable Profits of this type of business and sales mix should return at least 35% depending staffing arrangements and personal expenses.

In our opinion there is a substantial gain to be made building upon the current strong sales foundation for a new energetic focused owner to grow sales to around an optimum of circa £500,000 gross which would return £150,000 disposable net profits , had our clients not experienced the health and personal issues they now face, they would most certainly on the journey to achieve this goal.

The building of a “marketing web site” is of most importance to the successful development of this business and our associate marketing company could be of assistance in this.

Ref: G4426L