Business for sale

Business description

Well positioned neighbourhood locals pub with strong regular custom from all over leicester conveniently located just a few minutes from city centre

A thriving easy to run locals pub offered at a realistic asking price of £59,950 lease assignment to include fixtures and fittings, goodwill plus s.a.v.

*Good Trading foundation to build on of £282,000 inc vat – 100% wet sales – potential to bring in food sales – healthy £39,000 Net Profits

*Modern open plan lounge with games area (275 )

*Comfortable owners 3 double bed accommodation with private access and garage

*Beer garden (50) – side patio (30) – car parking (30)

*Strong community location within walking distance of city shopping & leisure

*10 year Landlord & Tenant Act protected partially tied lease from “00” renewable at its end for a further 10 years anon at no further cost and no less favourable terms

LOCATION (LE35 PG)
This is a strong local community location set amongst traditional local shops and local amenities such as schools, health centre, restaurants and take away outlets yet just 10 minutes walk from the bustle of the excellent shopping and leisure facilities of the city centre of leicester which itself is undergoing a major injection of development capital to make it the “jewel of the east midlands”.

The city council has a population of 280,000 of which 50% are within the free spending 20-50 age groupings. The pub is located on a corner position on andrewes street. From the a5460 – marborough road, left onto hinckley st and the pub is on the right with car parking to its rear. The pub is a popular “watering hole” for locals, shoppers and businessmen alike.

PROPERTY DESCRIPTION
Constructed detached and of leicestershire brick under pitched slate roofs the pub was constructed in the 70’s. Two entrances lead you into the main body of the pub which holds circa 275 customers. The lounge area is carpeted and is furnished with a mix of padded perimeter seating, stools and chairs to polished tables inc “lady head” iron based tables. The area is broken down by raised platforms.

The games area has a highly polished hard wearing floor surface and has a pool table which leads out to the beer garden. Central bar servery has a tiled apron to its front and is of wood construction with polished counter top with bright ale pumps. Beer cellars (2), are to ground floor and “roll in” being well kept and fully chilled. Toilets –ladies & gents are of good standard. Catering kitchen, has a servery hatch to the bar and is equipped with commercial equipment and “ready to go”, currently our client only uses the kitchen for the odd wedding etc but without doubt this is an “income stream” waiting to be developed.

OWNERS ACCOMMODATION
Located to the first story with its own private entrance comprises of 3 double bedrooms, sitting room, kitchen/diner, bathroom with shower & separate WC. The owners have their own garage and secure parking area.

EXTERNALS
The BEER GARDEN is accessed from the games area (50+) and there is a further area available to the side of the pub which is currently not used that could be used as a patio (30) – car parking is available “off street” for 30 vehicles.

PREMISES LICENSES
We are advised that the business trades on opening hours all week of 11am till 11pm (depending on who is in?). The Premises license allows for trading from 11am till 11pm Mon through Thurs with 1.30am Fri/Sat/Sun. 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
We are instructed to offer the property and business for sale as a partially tied leasehold assignment of a 10 year landlord and tenant act protected (fully protected and renewable at no further cost for another 10 years anon) being Free of Tie for Wines Spirits & Minerals. Current rent payable is £21,701 pa. The lease is from ENTERPRISE INNS commencing June 2000.

SERVICES
We are advised that the pub benefits from all mains connected . Business rates payable are £13,000 pa.

THE BUSINESS
Our client wishes to assign the lease to retire after running the pub for 7 years the majority of the time on her own due to health reasons. Sales to Sept 05 show £282,000 p.a. on 100% Wet sales and expect this year to be of similar value. Reconstructed Net Profits (after adding back one off expenses, personal costs and in this case some wages occurred due to the incapacity of one of the partners) show £39,000.

With the addition of a food offer and developing the wedding and party potential of the business sales should rocket to circa £350,000 which would provide a handsome return of around £65,000 to a new focused owner.

This is a great chance to enter the pub trade and build upon an already thriving business providing an excellent return for ffort and investment

Ref: G4324L