Long Established And Lucrative Leasehold Greek Restaurant | | Derby Derbyshire | | Phoenix Business Transfer Agents are delighted to place onto the market this long established Greek restaurant which has been established in its current location since 2004. The business was established in 1985 and relocated in 2004. The business has been | | BUSINESS FOR SALE ADVERT DETAILS ADVERT NUMBER : 71381
ADVERT IMPRESSIONS : 7,761 TIME(S) | | | | BUSINESS SECTOR: | Catering | | TRADE TYPE: | Restaurants | | SALE: | Agent Sale | ASKING PRICE: | £139950 | LEASEHOLD: | £139950 | ANNUAL RENT: | £24000 | | | | | | | | | | Add this business advert to your: | | | | | | | | | | | | | | | BUSINESS DETAILS: | - Situated in the London Road area of the city centre in Derby.
- Prominent location on main arterial road.
- Excellent parking facilities nearby.
- Industrial estates nearby.
- Surrounded by a densely populated residential area with schools and other local amenities.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with the A601, A6, A514, A52 and M1.
- Nottingham, Burton-on-Trent and Loughborough all lie close by.
- Area enjoying much growth and regeneration.
- A lifestyle area.
- Excellent local demographics for this type of area.
- Affluent area.
Business Details
The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business with favourable lease terms (see below).
- Turnover in excess of £180,000 pa with a net profit of £50,000 (see financial summary below).
- A business with great potential which has not been exploited because the owner is ready to retire and the business has been running at half its potential for some time.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business and ideal purchase for a husband and wife team
- Low rent and rates.
- Very low overheads.
- A niche concern with no competition.
- Business enjoys superb local reputation
- The concern provides traditional Greek cuisine.
History
Phoenix Business Transfer Agents are delighted to place onto the market this long established Greek restaurant which has been established in its current location since 2004. The business was established in 1985 and relocated in 2004. The business has been in the hands of the current owner since 1985 and he now wishes to sell due to retirement.
Services
This very good business opportunity provides traditional Greek cuisine.
Staffing
The concern employs 4 part-time and 1 full-time members of staff.
Owners Role
The owner is involved in the day to day running of the business.
Marketing
No marketing or promoting of the business has recently been undertaken as the business is well known.
Competition
There is no local competition.
Market
The client base consists of local residents and is also popular with business customers and tourists.
Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• Increasing the opening hours to include a lunch time service and Sunday opening.
• Increasing the services to include outside catering and takeaway.
• There is a great opportunity to increase the turnover by promoting the greatly under used function room on the first floor.
• With the introduction of a website and e-commerce..
Training and Handover
The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The owner would also be happy for an on the job observation period to assess the business prior to offers being made.
Property Details
The property is terraced and is approximately 1,200 sq ft (excluding the function room). The front is branded with an attractive front. The main customer service area is tiled. It is very well presented and is very conveniently laid out.
The restaurant has 60 covers and can cater for a further 30 covers in the function room. The customer service point is to the front. There are customer toilets.
To the rear is a store room, a toilet, staff facilities and a fully fitted kitchen.
First Floor
On the first floor there is a function room with its own bar/service area. There is also a self contained 1 bedroom flat currently being let out and is generating £2,400 pa in income.
Second Floor
On the second floor is a self contained 1 double bedroom flat currently being let out and is generating £4,560 pa.
Third Floor
On the third floor there is a self contained 1 double bedroom flat currently being let out and is generating £6,600 pa.
Equipment with Sale
All fixtures, fittings and equipment are included in the sale price and are valued at £5,000.
Financial Details
The present annual turnover is £190,000 with a net profit of £50,000. The wages are £20,000 pa. The present value of the stock is £3,000.
The potential turnover of the business within the next 2 years is forecast to reach £380,000 pa given the changes that are required to be made to the business. Full financial disclosure is available on request after viewings and the signing of a confidentiality agreement.
Please note Phoenix do not guarantee the accuracy of these figures which are in many cases estimated and are not verified. Please do not rely on the accuracy of these figures and seek professional help before making any offers. Phoenix will not be held liable for any inaccuracies in these figures or any other statements contained in relation to this business.
Trading Hours
Monday to Thursday: 6.00pm - 9.30pm.
Friday to Saturday: 6.00pm – 11.30pm
Sunday: Closed
Tenure
The original length of the lease was 20 years with 14 years remaining. The rent is £24,000 pa with a review in 2015. The lease may be renewable or negotiable for longer term if required. The rates are £5,000.
Viewings
The owners are available for viewings at any time by prior arrangement.
Price: £139,950
Ref: 2445 | | | | | | FOR SALE | | | | | REFERENCE: | 2445 / RightBiz | | | | | | Request more information about this business.. | | ENQUIRIES: | | | | CONTACT SELLER TO GET THE SELLERS DIRECT CONTACT DETAILS AVAILABLE TO MEMBERS ONLY | | | | | | | | | | | |
