7945F

HIGHLY DESIRABLE & UNOPPOSED COUNTRY DINING INN WITH BOUTIQUE LETTING ROOMS OFFERED EITHER FREEHOLD OR FREE OF TIE LEASE LOCATED IN AN AFFLUENT SOUGHT AFTER LEICESTERSHIRE VILLAGE

7945F

  • Sitting close to the M1, Donington Park and East Midlands Airport.
  • Bar Area (circa 30+ plus standing) with modern and contemporary furnishings & feature wood burner.
  • Restaurant (56 covers) with reception area and open fire set in a stunning fireplace built of Welsh slate.
  • Private self-contained Conference/Meeting/Function Room (up to circa 70) with conference facilities, dividing screens and decked Al Fresco Garden Area.
  • 5 cosy Boutique En-suite Letting Rooms.
  • Fully equipped Commercial Catering Kitchen.
  • Trading 'in growth' with advised forecast turnover in excess of c£400,000 (incl.VAT) for 2017 (reduced hours).
  • Trade split 40% Food ; 40% Wet ; 20% Accommodation.
  • Desirable brand new 'Totally Free of Tie' Private lease (inc option to purchase) or Freehold.
AN EXCELLENT OPPORTUNITY TO ACQUIRE A NEW 'FREE OF TIE LEASE' OR FREEHOLD INN IN A FABULOUS REFURBISHED COUNTRY INN

ASKING PRICE £595,000 FREEHOLD OR £80,000 'FREE OF TIE' LEASE TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This unopposed business is located on the edge of the National Forest in a highly affluent Leicestershire village. The village itself has a shop, Primary school, a church & village hall and a doctors practice. Nearby points of interest include Donington Park and East Midlands airport with the towns of Shepshed and Ashby-de-la-Zouch close by. The cities of Leicester & Nottingham are within 17 miles. The business is easily located and discoverable from all approaches by several brown Highways England tourist signs. The nearby motorway networks are excellent with the A42/M42, M1, A50 and A38 all within easy reach.

THE PROPERTY

This three-storey village inn is of fully rendered stone washed brick construction and sits under a pitched, tiled roof. The property is well presented, immaculate throughout and was recently refurbished in the downstairs internal trading areas (May 2016) and bedrooms (May 2017), in a modern and contemporary style to an exceptionally high standard. This provides a 'turn-key' operation to take forward.

A welcoming entrance porch to the front of the property provides access to the trading areas. These consist of:

Bar Area (circa 30+) is a vibrant well-presented room with an assortment of loose tables, chairs, tubs, poseur tables with high stools, leather settees and wooden bench pews sitting on an attractive solid oak floor. To one end is an exposed brick built fireplace with built in wood burner and there is also a wall mounted HDTV and darts throw. A wooden bar server offering 3 cask ales sits to one side with coffee prep area behind.

Restaurant (56 covers) has a welcoming reception area with loose tub chairs, stools and a leather settee set around a coffee table. This leads to the main L-shaped restaurant with an assortment of loose tables, chairs, wooden pews and minimal upholstered fixed seating all sitting on areas of carpet and solid oak floor with a stunning Welsh slate open fireplace leading through. Doors to the side lead out onto the decked Al Fresco area. Private Conference/Meeting/Function/Dining Room (c50 seated/c70 standing) is a self-contained room to the rear. The room has loose tables, chairs and leather settees all sitting on a carpeted floor. A highly popular room used regularly for weddings, business meetings, conferences, parties and private dining which can be sectioned off dependant on the size of delegates or party goers. Doors to one end lead out onto a decked al fresco area.

Below ground floor Beer Cellar with python system, cask tilts, remote, pumps etc and storage. There is a fully equipped Commercial Catering Kitchen with stainless steel appliances and surfaces (equipment not tested), wash up, prep area and 5* EHO rating. There is also a separate fridge/freezer and dry goods storage area with walk in chiller room.

Ladies, Gents & disabled WC's./CCTV/Office.

OWNERS ACCOMMODATION

The owner's accommodation is currently a 1-bed flat located on the 2nd floor. This could be extended to create a further bedroom however this would result in a loss of one of the letting rooms.

LETTING ACCOMMODATION

Situated on the 1st/2nd floors are 5 recently refurbished boutique letting rooms (4 x Double & 1 x Twin) all being en-suite with HDTV and Tea/Coffee making facilities There is also a separate in-house laundry room.

EXTERNAL

To the side of the property is a covered decked al fresco dining area (circa 16 covers) with loose tables and chairs and shrub planter borders. To the rear of the property is an enclosed grassed garden area with wooden picnic benches (24 covers) and 2 storage sheds. To the front of the property are 2 further wooden picnic benches with colourful hanging baskets. To the side is the patron's lined car park for circa 19 cars (inc disabled).

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Mon - Sun 10am to 1am (TBC)

Current opening hours are:

Monday Closed

Tuesday 5pm to close

Weds - Sat 12noon/3pm & 6pm/close

Sunday 12noon to 4pm

NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The property and business is being offered for sale freehold (although we have not had sight of the title deeds) or as a new highly favourable 10-year Private FRI Lease Agreement as follows:

1. The asking premium will be £80,000.

2. The initial annual rent will be £40,000 (with Yr. 1 concession to £30,000 per annum).

3. The annual rental is simply RPI linked to inflation every 3 years, hence no rent reviews.

4. Rent payable monthly or quarterly in advance.

5. Lease re-assignable after initial 2-year period.

6. Free of all brewery and supply ties.

7. Each party responsible for own legal costs relating to the transaction.

8. We are advised that our vendor client would be agreeable to insert an 'Option to Purchase' clause within the lease agreement, to enable the lessee to subsequently purchase the freehold at a price to be mutually agreed.

We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium - subject to the provision of the Landlord & Tenant Act 1954.

We are advised that all available mains services are connected (no services tested). Business rates payable are advised as being circa £9,000 pa (under appeal).

THE BUSINESS

The current owners purchased the business in 2003 and built an excellent reputation offering high quality locally sourced food, accommodation and quality ales and wines up until 2012 when the property was leased out. Our vendors commenced running the business again from December 2015 operated by the owner's management team assisted by 3 full time and circa 15-part time/casual staff. It plays host to live music, open mic nights, a monthly quiz and themed food events whilst also supporting the local village football team. We are advised that sales are in an excellent level of growth with current rolling annual turnover now up to circa £380,000 (inc Vat) and forecast turnover for 2017 is in excess of circa £400,000 (inc VAT). This has been achieved on reduced trading hours on a trade split of 40% Food, 40% Wet 20% letting sales. Prior to 2012 the business traded in excess of circa £500k pa. In our opinion this level could once again be achieved by aggressively marketing the letting side of the business and extending the currently reduced opening hours. This business would suit an owner/operator couple who have previous experience of working in a similar environment however this is not essential.

Accounting information will be made available to interested parties after viewing. This business was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07527 718400. Viewing appointments must be made by contacting Guy Simmonds on 01332 865112.