Business for sale

Business description

Substantial well positioned and well presented bar and dining pub enjoying high levels of sales and excellent profits.

This is a most impressively proportioned pub enjoying a strong position within an affluent locale offered from £180,000 to include fixtures and fittings, goodwill plus s.a.v.

*Strong Trading Foundation to build on of £822,500 inc vat – 78% Wet to 22% Dry – £90,000 NET PROFIT – that’s £1,730 per week having lived out of business

*Modern bright lounge bar (200) and airy carvery diner (100) along with skittle alley- very flexible- ideal “specialist restaurant” outlet with “high volumes”

*Superb trade garden (300) + patio – car parking (50)

*Spacious 3 bed roomed owners accommodation with private entrance

*Located opposite “super store” within popular residential area – ideal family location

*“Rolling” Landlord & Tenant Act protected lease continually renewable at its end anon at no further cost and no less favourable terms – £60 barrel discounts

LOCATION (GL4 4BL)
The city of gloucester has a population of circa 110,000 with demographics similar to the shires of the home counties, harrogate, torbay with high levels of education and incomes broadly in line with higher national averages, that is people “comfortably off” with spare disposable income.

Set within the cotswolds the city is convenient also for the forest of dean, cheltenham, stroud and tewkesbury however as a centre itself it is renowned for roman foundations, tall ships festival, victorian docklands, its magnificent norman cathedrel (where harry potter was filmed), bustling city centre and comfortable urban areas plus much much more including a university of high regard.

The property is located not far from the m5 (jct 11a) and the a38 to the east of the city towards upton saint leonard, set to the side of a prominent flowered road island opposite a major family superstore on glevum way at its junction with heron way, abbeymead avenue and wheatway with many 1,000’s of cars passing its doors every day.

Local residential housing tends to be of modern design with a mix of more mature residents of high value and adjacent is a well used church which provides many functions and customers for the business all year.

PROPERTY DESCRIPTION
This is an imposing modern property of character and “stand out curb appeal”, detached with a long roof line and frontage set back off a main road junction with grassed verge and mature trees. You cannot fail to be impressed with the internal presentation of this pub as you enter into the main bar (200+) which has a sunken “pit” floor to its centre with a higher level mezzanine around it.

The room has a high quality fitted carpet, in common with all trading areas, and is furnished with assorted high tables and high stools along with standard tables, chairs and stools. A large tv screen is prominently positioned for sports viewings which draws in large numbers of thirsty and hungry customers for major events.

Diner (100) is split into two areas one which is totally dedicated for eating and provides a very well presented and merchandised carvery offer within a bright surround with lots of natural light beaming in from large dome topped panelled windows. Furnishings are provided by medium coloured tables and chairs. The other area is sometimes used for private eating functions usually sourced from the nearby church , the room also provides “fun” as a skittle alley which is very popular in the region.

Central bar island has a full range of merchandising serving both real ale’s and bright beers. Ladies & gents and to a high standard and low maintenance. Catering kitchen is fully equipped with commercial units and plenty of secondary storage. Beer cellar is “roll in” on the ground floor.

OWNERS ACCOMMODATION
Located to the first floor with a private entrance and comprises of 3 good bedrooms, lounge, kitchen and family bathroom plus office.

EXTERNALS
Parking is provided for above 50 vehicles on the circular car park to the front of the business. The external trading areas are exceptional with a patio terraced area to its front aspect with timber picnic tables spilling onto the grassed verges and a secure lawn area with robust timber play feature and picnic tables which is accessed from the dining lounge area.

The total capacity externally exceeds 300 and is highly visible from the carriageway and we are informed that the car park is regularly used for very popular “car boot sales”.

PREMISES LICENSES
We are advised that the business trades on opening hours of 12 noon till 11pm with 12.30pm on Friday & Saturday. The PREMISES LICENSE allows for openings of 10am till 11pm with 1.30am Thurs/Fri/Sat and 12.30am Sunday. 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 leasehold assignment of a “user friendly” 3 year “rolling” landlord and tenant act protected (fully renewable at no further cost for another 3 year period “anon” every 3 years, at its end under no less favourable terms) from trust inns commencing march 2007.

The lease has a current business rent of £55,000 pa. Rising by £2,000 per year up to £60,000 in year 3.there are discounts of £60 per barrel available from trust inns which last year amounted to circa £25,000 which could be used as an off set against the rent bringing the rent down to £30,000 I.e. 4.3% Rent to sales ratio, also the lease is free from major structural repair liabilities.

SERVICES
We are advised that the pub benefits from mains electric, water, sewage with heating by GAS. Business rates payable are £8,500

THE BUSINESS
Our client wishes to assign the lease to pursue an unrelated business opportunity. Sales are currently on target for “07” at £822,500 inc vat on a split of 78% Wet to 22% Dry. Full Year 2006 shows £736,860 inc vat (12% sales growth for 07) with a Reconstructed Net Profit (after adding back one off & personal expenses including an allowance due to our clients living off premises) of £90,000 i.e. £1,730 per week having lived out of the business. 2007 could show £100,000 plus depending upon accounting procedures applied.

This is a business opportunity that will undoubtedly attract a lot of interest from clients who wish to build upon the existing high volume of sales and disposable profits or alternativly as a “featured specialist” food offer or wet driven venue

Ref: g4349l