Business for sale

Business description

“Buzzing” – 17th century pub located in thriving northamptonshire town of wellingborough

An opportunity to develop an already thriving business building on its food potential at a realistic asking price £59,900 lease assignment to include fixtures and fittings, goodwill plus s.a.v.

*Sales of £220,000 inc vat split 10% Dry to 90% Wet with outstanding potential to develop food sales (single operator at present)

*Atmospheric ambiance within delightful beamed bar areas (100+) inc “inglenook” fireplace

*Owners accommodation of two bedrooms

*Outside patio (suitable for smokers) and garden along with two car parks (12 -20)

*Demographics of highly skilled workforce with disposable incomes

*Fully renewable (at no further cost) 15 year partially tied lease from 03 with beer discounts

LOCATION ( NN8 4QY )
Wellingborough is renowned for its numerous parks and open spaces in and around the town and activities from walking to motor sports from theatres to historic house including athorp house are all within close hand of this vibrant expanding town. Recognised as an excellent location for new business with a number of valuable attributes, excellent communication links, variety of commercial properties, and growth prospects because of local government strategies.

The boroughs traditional economic structure is based upon footwear and engineering and is rapidly diversifying within wholesale, storage, & transport activity significantly increasing its share of people within these employment sectors along with service sector activities.

It has over 2,500 business’s within its boundaries that have developed by way of the value of the existing diverse and skilled workforce. Reflecting its agricultural history and the popularity of out lying villages of high quality and demand, the town has a regular farmers market. The business is to be found on gold street, wellingborough.

PROPERTY DESCRIPTION
Formally an old village inn, the property dates back to the 17th century and is of brick & stone construction under pitched roofs. The business has a “through” trading “footprint” leading from a cosy snug lounge area with super inglenook fireplace into the sports room (60) with sky tv to a big screen and 3 monitors into the pool room.

There are exposed beams, low ceilings, fixed and loose seating, fitted carpeting, deep set windows and many more period features. The central bar servery is convenient for all trading areas. Beer cellar is located to the ground floor.

The catering kitchen is to the rear of the bar servery and equipped with commercial equipment.

OWNERS ACCOMMODATION
Situated on the first floor this comprises of two good bedrooms and lounge, with Family Bathroom.

EXTERNALS
There is a pleasant PATIO & GARDEN to the rear of the pub with direct access from the main building (suitable for smokers). Two car parks are available for customers use, one for 12 adjacent to the pub and a further 20 spaces opposite the property.

PREMISES LICENSES
The Premises License allows for trading from 11am until 11pm Sun/Mon/Tues/Weds with 2am on Thurs/Fri/Sat. A Personal License will be required and our training associates can assist with this for you.

TENURE
We are instructed to offer the property and business for sale as a leasehold assignment of a 15 year lease commencing 03/03 from PUNCH. The lease will be fully renewable at its end for a further 15 years at no further cost and no less favourable terms (subject to Landlord & Tenant Act conditions).

Current rent for the business is £32,800 and partially tied (free of tie for Wines Spirits & Minerals) along with discounts on beer purchases.

SERVICES
We are advised that the inn benefits from all mains services with GAS central heating. Business rates are currently advised as being £2,800 per annum and under review for small business relief.

THE BUSINESS
Our client has run the business single handed for three years, and believes that the business will benefit from a new “hands on” couple especially with focus on the tremendous food potential of the site due to its strong location and design of the building.

Current sales are £220,000 inc vat p.a. 90% Wet driven however, with focus on the food potential it would be reasonable for a FMT (fair maintainable trade) of above £300,000 to be obtainable with a Net Profit of 20% (£60,000).

The business trades well as a “community” and sports focused business at the weekends and the week day opportunities are completely missed and not taken advantage of. The business is well positioned to take the initiative in the forthcoming non smoking regime and develop an obvious “opportunity” and advantage.

This is truly an exceptional opportunity and must be viewed to measure its true potential and see through the current circumstances

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

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