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BUSINESS REFERENCE : AC150 / RightBiz AC150-£ 250,000-SOUTHAMPTON-RESTAURANT & BAR AMERICAN STYLE DINER | | | | | | Restaurant & Bar American Style Diner Ref.AC150 Location Southampton Asking Price £ 250,000 Confidentially offered for sale | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Catering | | TRADE TYPE: | Restaurants | | SALE: | Agent Sale | LEASEHOLD: | £250000 | | | | | | | | | | | BUSINESS DETAILS: | Business profile:
The restaurant and bar was established in 2000, as a family run business. The business has run very successfully and has a large client base which includes both families and corporate clients.
The prominent location on a busy main road ensures regular repeat business and passing trade, so much so that the current owners do not need to advertise. There is a separate function room that has been recently refurbished to an excellent standard, which includes a dance floor, air conditioning, sound system and lighting for discos. The separate restaurant down stairs seats 48 people comfortably and is managed successfully with 3 full time staff.
Customer Service:
This American Style Diner is a hit with families and a perfect venue for corporate clients. It believes that its customers should experience a high level of customer service and has gained a reputation for being an excellent place to socialise, enjoy food and experience the ambience.
The business retains its customers due to its fantastic personal service, easy parking and location, food that is competitively priced and of excellent quality, thus ensuring a regular clientele as well as high levels of trade from passers by. The separate function room is of a good size and is popular with corporate clients and individuals wishing to celebrate in style.
Key Strengths:
Built on solid foundations this business has an excellent reputation for friendly and helpful service and excellent, fresh high quality, produce. The current owners have achieved this by hard work and have an established, yet diverse, corporate customer base, which is growing year on year through word of mouth recommendations and ongoing referrals. Not surprisingly this business can claim high levels of customer satisfaction.
The business flourishes on word of mouth recommendations with clients staying loyal, many having been with the business since it was set up initially. It has a very large client base ripe for further development.
Location is another great strength of the company. It is perfectly placed within the area it serves with excellent exposure and accessibility, so much so that it has been seen in numerous films and television programmes.
The premises have undergone a recent refurbishment to an extremely high standard and own a late licence.
Growth and Expansion:
This business is based in an ideal location on a busy main road and could certainly achieve increased sales and profits to maximise its potential. The business would ideally suit an owner / manager who could build on this Company’s excellent reputation and relationships with customers.
This business has not been maximised to its full potential and there is still plenty of scope to increase revenue through increased marketing and attention given to a customer database.
At present the bar and restaurant close at 4.00 pm and 6.00 pm. There is opportunity to extend the opening hours to include the evenings and by doing so increase custom and revenue.
Key Opportunities:
Although this business projects a very professional image to its customers, there is room for improvement particularly in relation to the management of the company, where the introduction of a greater focus on marketing would improve the business’ turnover and overall profitability. Opportunities exist by increasing the very local area served and in increasing private functions that is currently not exploited by the existing owners.
Further advertising would certainly increase sales and revenues, as would the development of an interactive website. Turnover and revenues could also be significantly increased by developing a customer database, to fully maximize the potential that this business has to offer.
Premises:
Located on a busy main road this is a glass double fronted restaurant for 48 covers, with cash desk to front, bar to rear, commercial kitchen, customer toilets and stairs to function room. On the first floor is a function room for 160 covers which has a late licence, dance floor, sound and lighting system. There is air conditioning throughout.
The premises benefit from a 25 year renewable lease expiring in 2012 with 4 yearly rent reviews. Current rent is £18,000 per year with £6,500 business rates payable per year.
Advertising and Marketing:
Much of the business's revenue is a result of word of mouth recommendation, bearing strong testimony to the excellent reputation enjoyed by the business since its inception. As there is currently little, if any, advertising the owner is aware that a more active marketing campaign, including the re-designing of the website, would certainly improve custom and profitability. The implementation of some form of database management would also ensure the business fully maximises the opportunities its large customer base represents.
Financial profile:
The business is being offered for sale on a going concern basis, all financial discussions will take place directly between the vendor and all interested parties under the auspices of Turner Butler.
Current turnover is circa £278,000 with a net profit circa £76,000, achieved by an owner not working full time, however, with the potential to increase the business through opening the hours and with an owner / manager; the current turnover is no where near its maximum.
Employees:
The owner works part time in the business and in addition there are 3 full time staff & casual staff when needed.
Business Hours:
Sunday – Friday 8.00 am – 4.00 pm
Saturday 8.00 am – 6.00 pm
Function Room 7.00 pm – 1.00 am (usually Friday & Saturday)
Support and Training:
The current owner will provide all necessary training and handover to ensure a smooth transfer of the business to new owners.
Reason for Sale:
Having achieved what he desired financially from the business the owner now wishes to pursue other business opportunities he has and to spend more time with his family. | | | | | | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | AC150 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
