Business for sale

Business description

A wonderful period inn on the edge of a large linc’s village with a prime ‘a’ road position with excellent trading and strong profitability – a leased freehouse with freehold option.

A first rate destination inn with strong local and family trade. Trading strongly with first rate net profits, offered as a free of all ties leasehold at £65,000 to include fixtures and fittings goodwill and s.a.v. With the option to purchase the freehold at a later date.

Consistent sales £258,000 p.a. inc vat on a split of 64% Wet to 36% Dry – 200 comp barrels – £70,000 reconstituted net profits – same owners 8 years

*Cosy beamed Lounge Bar (24+) Games/Function room(30+) Cottagie dining room (46)

*4 Bed roomed owners accommodation with private garden

*Large car park (30+) – family garden children’s play area (60) – patio (40) smokers gazebo (20)

*Favoured watering hole on way to all year racecourse & seaside

*Out buildings suitable for conversion

LOCATION (LN8 2EQ)
The village of Glentham is located to the east of Gainsborough on the A631 close to its junction with the A15 Lincoln Road and the M180 (excellent local schools are available for families).

Glentham has a growing affluent population and its close proximity to Market Rasen with all season horse racing and the east coast make it a perfect stop off point for race goers and holiday makers.

The Inn is located unopposed in the centre of the village from which it receives plenty of support, with an easy access car park (suitable for coaches to pull in) direct from the A631.

The Inn is set within a large plot consisting of the main building, a car park to the side of the property, a number of outbuildings to the rear which are currently used for storage, but could be developed.

PROPERTY DESCRIPTION
The property which is believed to be around 500 years old has been well maintained and is of brick & stone construction under multi pitched roofs with tiles. Not being listed or within a conservation area further development of the property would be easy to get through the local planners.

Entrance is from the front of the property, into an external brick porch through to the main bar. The main bar (24 plus vertical drinkers) is traditional in layout with an open plan design allowing different areas to be used as required by the trading time and is carpeted with a quarry tile skirt to the bar servery.

This section has traditional bar furnishings including fluted back upholstered fixed seating, tables, chairs and stools. The décor throughout the main bar involves exposed wood beams with plaster panels to the walls and ceilings.

Moving left through the public bar area leads to the dining rooms which again is traditionally presented but with a section formally laid up and an area for more relaxed dining. To the right of the entrance, the room can be divided using concertina doors.

This leads through to the function room (30 + vertical drinkers) which continues with carpet and a central section of block wood floor which is used as a dance floor during functions.

For day to day use, the area is used as a games room with pool table with tri-light above and dart board with oche. Double doors lead out from the function area to a patio, smoking area and onto the beer garden.

Central bar servery located with a quarry tile skirt to the front. Wood panel construction with dispense via brewery taps and real ale wickets. Mirrored merchandising area to the rear with optic dispense for spirits.

To the rear of the bar servery, the caterng kitchen is fully equipped complete with extraction and hood. A door leads from the kitchen to the rear of the property for deliveries and access to the storage areas in the outbuildings.

A further room off the kitchen is used for preparation and storage. Located below ground level the cellar is entered off the kitchen store area and has full beer raising equipment, stillaging and cellar cooling. Deliveries are to the rear of the property and down a short drop directly into the cellar. Ladies and gents toilets are located off the main bar.

OWNERS ACCOMMODATION
The owners accommodation is substantial and well presented and briefly comprises of four bedrooms, lounge, kitchen, bathroom with WC and separate shower room.

To the left of the stairs leading to the accommodation are two large storage areas which could be developed with the appropriate planning permission, to provide additional accommodation or letting room. There is a private garden for use of the owner.

EXTERNALS
The property is set in a substantial plot with a car park to the side accessed by a wide entry from the A631. Car park (approx 30 & suitable for coach use) with a large outbuilding with double doors to the rear of the property.

A courtyard off the car park leads through to the rear of the kitchen and outbuildings, with access gained to the private garden and adjacent chalet presently used as an office for the business.

Patio doors lead from the function & games area up a ramp to the patio at the side of the building. This area is sheltered and could suitable be developed with the imminent non-smoking legislation in mind.

The welcoming beer garden is entered directly from the patio and this area is laid to lawn with a fenced boundary for security and safety of customers. To the top end of the garden is a children’s play area complete with equipment. Now completed is an additional trading area on the patio, ideal for the new smoking regulations.

PREMISES LICENSES
We are advised a premises license allows opening from 11am till 12 midnight all week. Current trading hours are Mon-Weds-Thurs 12 noon till 2.30pm then 5pm till 11pm , Tues closed am then 5pm till 11pm then Fri & Sat 12 midday until 11pm with Sunday trading 12noon till 10.30pm. This leaves abundant opportunity for a new owner to capitalise on unused hours.

TENURE
We are instructed to offer the business for sale as a New Free of Tie lease of 21 years (or as required by negotiation) with an option to purchase the Freehold at the third anniversary making an add back for the consideration of the premium paid at the outset of the lease. Rent for the 1st 3 year period would be at £29,000 p.a. and would be FRI & Landlord & Tenant Act protected. (GA-SELECT could assist with the financing of this transaction). Full Heads of Terms to be agreed between parties.

SERVICES
We are advised that the pub benefits from mains electric, water and sewage with LPG for cooking and heating. Business rates payable are circa £3,000 pa.

THE BUSINESS
Our clients have run the business for some 8 years and are now looking to “step back” to allow another party to enjoy the life style and profits they have generated for themselves. Sales consistently in excess of £258,000 gross of vat with a GP of around 60% leaving a potential disposable NET PROFIT, depending upon personal circumstances of £39,000 pa as a leasehold freehouse.

Ref: G4373L