Business for sale

Business description

Wonderful 16th century coaching inn of great charm & character located as prime beneficiary of an inspiring historic & leisure locale lincolnshire

A superior & rare freehouse with solid trading history offered at a realistic asking price of £1,150,000 freehold to include fixtures and fittings, goodwill plus s.a.v.

*Solid Trading foundation to build on of £565,000 inc vat – 60% Dry 20% Wet 20% Guest lettings – 160beer barrels+ comp – £150,000 RNP

*Delightful beamed lounge & Inglenook Snug (50+ vertical drinkers)-Character Dining (75)

*8 Luxury guest letting bedrooms – ETC 4 Diamond

*2.5 acre site with mature gardens, large car park and paddock

*Substantial flexible owners accommodation – same owner family 25 years

*Ideal purchase for pub group or discerning private owner

LOCATION (PE22 7QA)
The business is extremely well positioned to take advantage of the growing nature of the leisure focus of the area including being home to the “dam buster” squadron and battle of britain memorial flight at the local raf base which is also the home of the new european fighter, the typhoon.

This has also had a major impact upon the local economy bringing into the area sustainable long term high incomes from which the business is enviably placed to draw from. The inn lies just outside the historic villages of coningsby and tattershall which are also well known for the historic 17th century church of st michael with its noted huge single handed clock, indeed the largest of its type in the world being 16.5 ft in diameter, tattershall castle imposing itself to the broad lincolnshire skyline by 2 impressive buildings, the magnificent cathedral like holy trinity church and mighty remains of the red brick keep of tattershall castle built in 1440 by ralph cromwell, then to the village centre with its 15th century buttercross and tom thumb’s house which can be seen on a ridge of a town house in market square.

The old inn is located to the north of the village just off the a153 on leagate road within lincolnshire’s “poachers” country. The county town of lincoln with its renowned cathedral and medieval rows lies 17 miles away and the edwardian elegant spa town of woodall spa just 4 miles with the charms of the old fashioned seaside town of skegness 25 miles distance.

All together a robust and historically strong trading location exceptionally positioned to take advantage of future leisure and domestic developments.

PROPERTY DESCRIPTION
The property commands an impressive position within Lincolnshire’s “Poachers” countryside and believed to date back to at least 1540’s (reputed to be the oldest continually licensed hostelry in the county), a large detached characteristic property of mainly traditional brick construction under tiled roofs with a substantial new bedroom extension added in 2000.

To the front of the Inn there is an enclosure known as “Gibbet Nook Close” which was the site of the “gibbet” or gallows used for public execution, then located within the main lounge, above its fireplace, an engraving titled “the last supper” where folk law has it, last rites were given to condemned souls about to meet their makers.

The main entrance from the large car park leads into the glassed lobby and onto the main trading areas and guest bedrooms. The GARDEN ROOM has freestanding period furniture and also an area with an attractive fireplace, used for breakfasts which has double doors opening onto the Inn’s gardens which is a delightful feature during warmer months.

The MAIN BAR & SNUG (50+ vertical drinkers) have an abundance of interesting features and a pure wealth of original charm which can only be found within outstanding properties of this age. Distressed Oak Beams, wall panelling, oak settles, and three open fires including inglenook and “priest hole” help set the scene for the overall mediaeval reality of this magical Coaching Inn. RESTAURANT (75) used for public dining and private parties has quality fitted carpets and low beamed ceiling with exposed brick walls, inglenook fireplace and furnished with flexible elegant Regency style furniture.

CENTRAL BAR SERVERY has a full range of trade back fittings, polished counter top with Real Ale Hand Pulls. WASHROOM FACILITES are to a high standard. BEER CELLAR is to the ground floor.

CATERING KITCHEN has a full range of commercial s/s equipment and full professionally fitted extraction, separate preparation area and walk in refrigeration.

GUEST LETTING ACCOMMODATION
Added to the business in 2000 and awarded etb 4 diamond rating, comprises of 8 high quality full en-suite guest rooms sleeping in total 17 guests within 7 double rooms and 1 family room. 1 Room is suitable for disabled guests.

All rooms are luxuriously appointed with bath and shower, colour tv, direct dial phones and full beverage facilities. Though of modern, build the bedrooms each have a character and feel of their own.

OWNERS ACCOMMODATION
There is a substantial provision on the 1st & 2nd floors within the original building comprising of a lounge, 5 bedrooms and an office on the 1st floor along with a further 2 attic bedrooms on the 2nd floor.

This provides for a flexible arrangement depending upon personal requirement. (our client does not currently live on the premises however this has historically been the family home and a comfortable one at that)

EXTERNALS
The business benefits from a range of outdoor amenities with a large gravel car park to the front of the property along with a large lawned paddock area (total site circa 2.5 acres). To the side and rear of the main property is an attractive lawned trade garden with children’s play area, mature shrubs and trees and an extensive pretty patio with timber seating and pergola which is an ideal and popular feature for “al fresco” summer relaxed imbibing and dining.

A “cracking” location to enjoy all that is great about a great british icon, the english coaching inn.

PREMISES LICENSES
We are advised that the business trades on original “Grandfather” rights and opens to the public 11.30am till 2.30pm then 6pm till 11pm all week. There is an unbridled opportunity to open all day, exploiting the favoured positioning of this business. 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 TOTALLY FREEHOLD with VP (vacant possession)

SERVICES
We are advised that the business benefits from mains services inc water and electric, sewage (by pump) connected with cooking and heating by LPG. Business rates payable are £8,000 pa

THE BUSINESS
Our client has owned the business since 1994 having been within the family for a number of years previously. Sales have consistently run circa £565,000 inc vat over the past few years on a split of 60% Dry to 20% wet and 20% Guest lettings.

GP’s run at around 64% and with RNP (Reconstituted Net Profits – that is after adding back personal and one off expenses) show a robust disposable net income of £150,000 p.a. Potentially this business could trade well above £750,000 by taking advantage of extra openings and other opportunities available which currently are not availed due to our clients chosen comfortable life style.

A blend of history and profitable opportunity an emblamatic dream “pub” which ticks all the box’s – a must to view early

Ref: G4387F