8140L

STYLISH POPULAR & THRIVING AWARD WINNING ‘FREE OF TIE’ INDEPENDENT RESTAURANT BUSINESS, LOCATED IN A GRADE II* LISTED BUILDING, IN THE HEART OF THE HISTORICAL & FAMOUS CITY OF LEICESTER

8140L

  • An outstanding position in the heart of Leicester City Centre set amongst an array of other independent and national branded restaurants with immense and further increasing footfall all year round.
  • Ground Floor Restaurant (25 covers) with exposed stone walls, oak & tiled flooring & contemporary seating.
  • First Floor Restaurant (55 covers) with exposed stone walls, solid oak flooring and a highly attractive vaulted ceiling with original exposed joists and rafters on show.
  • Highly desirable Al Fresco Patio Area (40 covers).
  • Fully equipped Commercial Kitchen with 5 Star EHO.
  • Advised turnover circa £765,600 (incl. VAT) to 31st March 2018 with excellent reconstituted net profits.
  • Trade 70% Food sales : 30% Wet sales – Offering high quality grilled food.
  • Totally ‘Free of tie’ highly attractive renewable lease.
  • Contact Richard Fletcher on 07527 718400 for further information.
AN UNMISSABLE OPPORTUNITY TO ACQUIRE A THRIVING PROFITABLE BUSINESS IN A POPULAR CITY CENTRE LOCATION.


ASKING PRICE £145,000 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This thriving restaurant business is located in the heart of the bustling ever growing historical city of Leicester. Surrounded by other independent restaurants and national chains ensures a regular passing and repeat footfall all year round. Leicester itself sits on the edge of the National Forest and is one of the oldest cities in England. All major shops and retailers can be found within the city including the popular Highcross Shopping Centre and Fosse Park Shopping Centre sits on the outskirts. The city has recently been highlighted on the map with the historical discovery and development of Richard III Heritage Centre and the previous success of the cities football team. East Midlands Airport and the National Space Centre are also close by. The local road networks are excellent and the M1, M69, A5, A6 and A47 surrounding the city.

THE PROPERTY

This thriving restaurant business is located in the heart of the bustling ever growing historical city of Leicester. Surrounded by other independent restaurants and national chains ensures a regular passing and repeat footfall all year round. Leicester itself sits on the edge of the National Forest and is one of the oldest cities in England. All major shops and retailers can be found within the city including the popular Highcross Shopping Centre and Fosse Park Shopping Centre sits on the outskirts. The city has recently been highlighted on the map with the historical discovery and development of Richard III Heritage Centre and the previous success of the cities football team. East Midlands Airport and the National Space Centre are also close by. The local road networks are excellent and the M1, M69, A5, A6 and A47 surrounding the city.

OWNERS ACCOMMODATION

There is no owner’s accommodation and this business is a lock up.

EXTERNAL

To the front of the property is an elevated slabbed Al Fresco Patio Area with wooden picnic benches and aluminium tables and chairs (c40+ covers). These are set beneath several large garden parasols and look out onto one of the many pedestrianised areas running through the city.

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 8am to midnight

Current opening hours are:

Mon- Sat 12noon/3pm, 5pm/9.30pm

Sunday 12noon to 9pm

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 business is offered for sale as a lease assignment with approximately 9 years remaining of the ‘privately owned’ full repairing and insuring, renewable agreement. We are however advised by our vendor clients that they would also be willing to consider a company sale if the purchaser were also in agreement. We are advised that the restaurant is totally ‘Free of Tie’ on all products and that the head rent is currently £70,000 per annum to be reviewed in 2022. We are also 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 the inn benefits from all mains services (no services seen or tested). Business rates payable are advised as currently being circa £18,873 per annum. Service charge for refuse collection, outside lighting, 24hr security & outdoor maintenance £16,661 per annum.

THE BUSINESS

The current owners have operated the business since 2009 and over the past 9 years have established a solid ‘award winning’ reputation and trading foundation. The restaurant serves quality, locally sourced food and a vast selection of fine wines and drinks to a loyal, repeat, passing and desirable clientele. Due to relocation our vendor clients are reluctantly selling the business on. The business is currently operated by one of the directors/owners with the assistance of circa 6 full time and circa 12-part time/casual members of staff. We are advised that accounts declare takings of circa £765,600 inclusive of VAT to year end 31st March 2018 on a trade split of 70% food sales and 30% wet sales. Reconstituted net profits are excellent, and margins achieved are similar with circa 70% achieved on both food and wet products. New owners could continue to operate the business using the same successful formula or they may wish to take the business to the next level. In our opinion this could be achieved by exploiting the opportunity to create more of a breakfast, lunch and afternoon offer creating a chameleon style offer that changes throughout the day. This business would suit an operator/couple who have previous restaurant or hospitality experience within a similar environment.

We are advised that under the terms of the lease it is required for the business to continue to offer ‘high quality grilled food’.

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.