Business for sale

Business description

Exceptional fine example of a rural nottinghamshire village inn with a robust trading history and strong profit line

A most attractive and welcoming old hostelry available on the market for the 1st time in 29 years offered as a Leasehold Assignment for £149,000 to include extensive fixtures and fittings, goodwill plus s.a.v.

*Sales £625,653 gross – 60% Wet to 40% Food – GP £282,675 – RNP £80,000

*Integral Lounge, Bar and Snug with interesting period features

*Impressive family gardens (200+), patio and car park

*Three Bedroom Owners accommodation with Private Entrance

*Outstanding Thriving Business in favoured village location close to M1

*20 year Fully Protected Renewable Partially Tied Lease

LOCATION (NG16 5HD)
The popular village location of UNDERWOOD makes this a “gem” of an opportunity, attracting customers from around North Nottinghamshire and Derbyshire. Its positioning is less than 2 miles from the M1 motorway providing access to the many thriving towns and Cities of the Region.

Surrounded by woodlands and open rolling countryside, the village is popular as a dormitory location for the local professionals who work in the commercial centres which are within easy drive and who chose to reside within a rural country location giving them the “best of both worlds”. Underwood, because of its natural appeal also attracts drive out visitors from the local townships. The pub is located on church lane.

PROPERTY DESCRIPTION

The property is believed to be several centuries old, detached, of white washed local brick construction under pitched tiled roofs. During the summer months the externals are “amass” with hanging baskets and floral displays providing a “honey pot” attraction to the property.

As the externals act as a “magnet” to cliental, the interior provides charm and character to its aspects. The bar area ( 16 ) has a hard wearing red tiled floor to an exceptional sparkling bar servery with real ale wickets and bright beer pumps and of dark polished wood construction with an inspiring back fitting.

Its low beamed ceiling and exposed brick walls provide an atmospheric appeal for local drinkers. The snug (8) off the bar area has oak flooring , pews and high back chair seating to a large dining table – an ideal subdued private area yet within the atmosphere of the inn. The lounge (45) provides lots of bright sunshine through its deep set windows and has partial carpet/partial oak flooring.

The low beamed ceiling has been white washed and there is an open brick fireplace to one side. The room is partially fitted with comfortable fixed seating to polished top tables and further leather and stained wood chairs. Lots of artifacts, plates, photos and horse brass provide further character.

Ladies & gents toilets are located to the front of the building from the porch entrance. Beer cellar is to the ground floor. Catering kitchen is fully equipped with commercial equipment.

OWNERS HOME
Situated to the 1st floor the owners family home has its own PRIVATE SECURE ENTRANCE and comprises of a Large Master Bedroom with fitted Robes, plus two further Double Bedrooms , comfortable Lounge with outside roof decking, fitted Oak Kitchen and fully tiled Family Bathroom with bath and power shower.

EXTERNALS
The business benefits from exceptional parking (24) and trade gardens (100+) which is an impressive and profitable feature of this most exceptional business. Large rolling lawns with a colourful professionally quipped children’s play area surrounded by woodlands and mature shrubs along with a most popular patio all having timber picnic tables and trade umbrellas.

PREMISES LICENSES

Current opening hours are 12am – 3pm & 5.30pm till 11pm M/T/W/T and all day F/S/S .The premises license allows for trading up to 11.30pm with 12.30 am Fri/Sat & 11pm Sunday. A personal license will be required (our associate training company can assist with this)

TENURE
The business is held on a favourable whitbread pub partnership (now enterprise inns) lease of 20 years from 11/92. The lease has full landlord & tenant act protection and is renewable, for no further premium at its end and under no less favourable conditions (subject to l&t act conditions).

Current rent for the business is £36,000pa and not reviewed until 11/07.the business is free of tie for wines, spirits & minerals along with the ability to purchase guest ale & cider from any supplier. All machine income is retained by the pub.

SERVICES
We are advised that all services are connected with Central Heating by Gas. Business water rates are advised as being £10,334 per annum.

THE BUSINESS

Our clients have enjoyed their 29 profitable years at the pub but wish to assign due to personal reasons. Current trade for the year will show Sales of £625,653 Gross of vat on a sales split of 60% Wet to 40% Food achieving a gross profit figure of £282,675. A Recon Net Profit (after adding back personal and one off expenses) should show a return above £80,000 (after paying rent and all living expenses).

Currently run under management. This provides a most handsome return and quality of life style however with further focus on new trading opportunities including extended opening hours it would not be unreasonable to achieve sales in excess of £700,000 and subsequent bottom line profits well above £100,000.

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