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UNIQUE THRIVING AND DESIRABLE ‘FREE OF TIE’ AUTHENTIC AMERICAN DINER LOCATED IN THE AFFLUENT AND HISTORIC LINCOLNSHIRE MARKET TOWN OF MARKET DEEPING

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  • Located on the banks of the River Welland in the heart of the historic conservation town of Market Deeping between the A1 and A16 close to Stamford, Spalding and Peterborough.
  • Open plan Bar/Diner (60 seated / 120 Occupancy) with Reception Area/Shop, air conditioning, attractive wood panelled walls, fabulous eye-catching décor, a raised stage area and concertina doors to the front.
  • Hard standing rear Riverside Patio Area (circa 200+) with wooden picnic benches, food service station and live entertainment facilities.
  • 2 self-contained 1st floor flats – currently let.
  • Spacious and fully equipped Commercial Kitchen with 5* EHO rating.
  • Current advised turnover to end December 2017 circa £417,101 (incl. VAT).
  • Trade split of: 60% Food : 40% Wet sales.
  • Privately owned ‘Free of Tie’ lease with highly attractive rent of only 7% of current net turnover.
  • PP Granted to extend to the rear to accommodate an additional 150 covers – REF S12/3013/full.
A POPULAR THRIVING BAR & GRILL HIGHLY SUITABLE TO ADAPT ANY STYLE OF OPERATION OR WORLD CUISINE


ASKING PRICE £98,000 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This business is located in prime position sitting directly on the high street in the heart of the historic Lincolnshire market town of Market Deeping. The town has an abundance of local shops and supermarkets and a compliment of schools, facilities and amenities. Within the next 5 years we are advised that an additional 5,000 houses are to be newly built in and around the town. Nearby points of interest include the famous Georgian stone town of Stamford (8 miles) the cathedral city of Peterborough (9 miles), the fabulous tourist magnet of Rutland water (13 miles) and the colourful town of Spalding is 14 miles away. Tallington Lakes and Leisure Park with its dry ski slope, many water activities and camp site is within 4 miles and Burghley House (famous for the horse trials) is a pleasant 9 miles drive away. The nearby road network links are excellent with the A1, A15 and A16 set amongst a series of other ‘A’ roads providing easy access throughout this beautiful county.

THE PROPERTY

This desirable authentic American diner is of brick and stone construction and sits under a pitched tiled roof with a flat roof to the rear extension. An entrance to the front provides access to the reception area and shop that currently sells merchandise and T-shirts for the business. This area leads through to the main restaurant that consists of:

Open Plan Bar/Diner & Grill (60 covers / 120 occupancy) is fully air conditioned with an exciting and vibrant atmosphere. Loose assorted tables, chairs, tubs and leather settees are complimented by high poseur diner stools and drinking shelf and folding concertina doors open out onto the high street. This provides a real continental feel in the warmer weather. The room has an attractive wood effect altro covered floor and wood panelled walls, ceiling fans and desirable quirky eye-catching décor add to the ambience and character. To one end of the room is a raised stage area that also accommodated diners however with an added sound to light system can also accommodate live entertainment as and when required. To the other end of the room is a well-presented and well-stocked neon lit bar server of wood construction and there is also a large wall mounted HDTV and coffee service station.

Ladies and Gents W.C.’s.

There is a large and spacious fully equipped commercial catering Kitchen with stainless steel appliances and surfaces (appliances not tested) and 5* EHO rating. There is also Fridge/Freezer storage space, wash up area, prep area and dry goods storage area. Ground floor Cellar with python, pumps and remote etc.

OWNERS ACCOMMODATION

There is no owner’s accommodation for this business and it is currently a lock up. There are, however, to the 1st floor 2 self-contained flats that are currently let providing an annual income to the business of £12,000. One or both of these flats could be used by the owners however this would obviously reduce the annual income of the business.

EXTERNAL

To the rear of the property is a hard-standing riverside patio area with wooden picnic benches (circa 200+ covers) set amongst colourful and attractive planters, pots and wildlife filled riverside views. There is also a food service station and utility points that provide the opportunity to hold live entertainment outdoors. To the side of the property is a small gravelled garden area with wooden picnic benches (circa 16 covers) which is a great place to sit and people watch on the high street. Also to the rear is the property car park which allows use by staff and motorcycles only however there is on street and pay and display parking available throughout the town.

We are advised that PP has been granted (REF – S12/3013/full) to extend the rear of the property in order to provide an additional 150 covers for functions, weddings, dining or parties.

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 7am to 1am

Current opening hours are:

Sun - Mon 10am to 6pm

Tuesday Closed

Weds – Fri 10am to 10pm

Saturday 10am to midnight

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 15 years remaining of the ‘privately owned’ full repairing and insuring, lease agreement. We are advised that the inn is ‘totally free of tie’ on all products. We are informed that the highly attractive rent is currently £25,000 per annum (only 7% of current net turnover) to be reviewed in 2023. We are advised that at the end of the term, the Lease (not seen by Guy Simmonds) is excluded under the provision of the Landlord & Tenant Act 1954. We are advised that the property benefits from all mains services being connected (no services seen or tested). Business rates payable are advised as currently being circa £7,500 per annum.

THE BUSINESS

The current owner purchased this former car showroom in 2013. Following a major property extension and total refurbishment he has since created a solid thriving business offering quality locally sourced and home cooked authentic American food and drinks to a loyal, repeat and desirable clientele. Due to our vendor client’s other business interests outside of the licensed trade he is now looking to sell the lease on. The business is currently operated by the owner assisted by his manager, 1 full and circa 4-part time/casual members of staff. This thriving business sits at the centre of the local community and not only provides highly popular weekly bike nights (April – September) and twice monthly live entertainment but also plays host to an annual beer festival, the annual Market Deeping raft race and provides marquee events and functions as and when required. We are advised that current turnover to December 2017 is circa £417,101 (incl. vat) achieved on a trade split of 60% Food & 40% Wet sales.

New owners could continue to operate the business using the same highly successful formula or they may wish to put their own stamp on it with an alternative style offer. This could include using the current reception as a take-away area (or similar) whilst continuing to run the diner with a food offer, coffee offer or any business venture that fits their business plan. In our opinion this property could accommodate any style operation or world cuisine offer and does not have to remain as an authentic American diner.

Limited 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.

Details Prepared: March 2018

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