Highly Attractive Restaurant/Bar in Newton Abbot Devon with Extra Income Opportunities
Newton Abbot, Devon
- Status
FOR SALE
- Date Submitted:
06/06/23
- Advert ID
514426
- Reference
B06791 / Rightbiz
- Call Agent:
- Leasehold: £49,995
- Turnover: £50,138 (£964 Per week)
- Net Profit: £12,052 (25% Profit margin)
Business Details
Extremely well presented Restaurant Bar business for sale
BusinessPlease quote reference B06791
CoGoGo is delighted to present to the market a truly unique and exceptionally presented restaurant/bar with 3 separate rooms providing additional rental income.
The Green Room was developed by our client, who completely transformed the derelict building, investing over £130,000 to create the stunning space you can see in the business photographs attached.
Our clients wanted to create a ‘Well Being’ space where customers can enjoy both food, cocktails, hair and beauty treatments as well as fitness.
The space is divided into 4 distinct areas -
The Green Room - A fully fitted restaurant / cocktail bar alcohol licence. The restaurant has a fully fitted kitchen with a comfortable dining space for 70 people inside and available space outside for 50. The relaxed restaurant/bar serves breakfasts, lunch, dinner with live music on the weekends. They offer Spanish tapas nights every Thursday and a full roast dinner each Sunday. The menu is available to both enjoy inside the venue or to enjoy at home through via delivery partners Just Eat and Uber Eats. The restaurant currently trades five days a week (trading hours are 10am to 4pm & 6pm - 10pm weekdays & 10am - 11pm at weekends)
Key selling points -
- Excellent reputation with both locals and visitors from surrounding areas
- Affluent customer base (25year olds +)
- Own business website - 915 subscribers
- Vibrant brand presence
- Fresh, contemporary decor & furniture
- Facebook - 3400 followers
- Instagram - 1228 followers
- Popular cocktail menu (with great profit margin)
- Google reviews - 4.9/5
- TripAdvisor reviews - 4.5/5
Key selling points -
- No outgoings - 100% additional profit.
Key selling points -
- Self-sufficient space
- Instructors access with a coded key lock on the door.
- Facebook - 478 followers
- Instagram - 386 followers
The valuation placed on this exciting opportunity is purely based on the level of investment and the transferable list of assets.
The restaurant turnover is growing and we believe now the Covid restrictions have been lifted, this ‘Turnkey’ opportunity offers the potential to reach £10,000 per week.
The business is being priced to sell and will include the full transfer of the fixtures/fittings, goodwill, lease and team of staff.
Further growth opportunity -
- Extend current opening hours
- Increase takeaway/delivery orders
- Private parties (including corporate parties/events)
- More advertising
Location
The Green Room occupies a highly sought after trading position just off East Street in Newton Abbot.
The Restaurant, salon and leisure space is surrounded by key footfall drivers which include Sainsburys, Newton Abbot Hospital and an excellent choice list of well-known brands on the nearby High Street.
Newton Abbot is a historic market town surrounded by the South Devon countryside.
The town is home to a large range of shops, restaurants and open spaces and is perfectly located to both Dartmoor National Park and a number of lively seaside towns.
There is a large pay and display car park within walking distance.
Newton Abbot’s mainline train station is just 5 minutes’ walk from the business.
Premises
The entire building underwent a complete refurbishment programme, the list of work carried out included -
- New rooms being built
- Toilets being built
- Electrics throughout
- Water mains installed
- Plastering throughout
- Complete decor throughout
- Flooring throughout
- Fitness studio installation including front entrance
- Salon installed
- Fire exit door
- New doors in entire building
- Restaurant/Bar
- Commercial Kitchen
- Pot Wash area
- Storeroom
- Customer toilets (including baby changing facilities)
- Hair salon
- Beauty room
- Fitness studio
- Outside seating area to the front and side of the building
Tenure
We are advised that the business is being sold on a Leasehold basis, with 8 years remaining on the 10 year lease. The rent is £2,000 per month.
Hours
We are advised that the business hours are;
Monday – Closed
Tuesday - Closed
Wednesday – 10:00am – 10:00pm
Thursday – 10:00am – 10:00pm
Friday – 10:00am – 11:00pm
Saturday – 10:00am – 11:00pm
Sunday – 10:000am – 4:00pm
Staff
Due to the business being an asset sale no staff are included in the sale of the business.
Financial Profile
We are advised as per the 2021 accounts, the business generated a turnover in the region of £60,000. Full financials can be made available upon further request.
The business is growing well with the 2022 turnover up 13.6% on the previous year. The turnover is in the region of £68,000.
Please quote reference B06791
Contact Agent
Listing Statistics
Contact the seller for more details, or book a viewing
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Stay Safe
Do not pay any deposit to private sellers upfront. If you are looking to purchase a business, we advise that any deposits or transactions made are through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Don't share confidential information with any private sellers, including your home address, account passwords, bank accounts and credit card information.
Stay Safe
The vast majority of these scams involve the transfer of substantial sums of money. We advise all transactions made are through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Send a test amount before you consider handing over a large number of funds. Maybe even try transferring £1, and then speaking to your solicitor to confirm receipt.
Stay Safe
Do not disclose proof of funds directly to the sellers. If the sellers request you to show proof of funds, we advise that it is done through a solicitor to prevent fraudulent activities from occuring.
Stay Safe
Buying a business is not covered by consumer rights legislation. It is your responsibility to acquire a business that holds up in quality and agreement.
Stay Safe
Fraudsters will typically use false news in an attempt to get you to act quickly. For example, 'Your account has been disabled. Reset your password now.'.
Stay Safe
Review the performance of a business to make appropriate financial projections. Some businesses are dormant or not trading, so it is essential to check their short and long-term potential.
Stay Safe
Legitimate emails from Rightbiz will be with the domain @rightbiz.co.uk. However, emails from [email protected], [email protected] or [email protected] are not affiliated with Rightbiz.
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