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BUSINESS REFERENCE : CO054 / RightBiz CO054-MESARYA, CYPRUS-£650,000-GREYHOUND RACING TRACK & STADIUM | | | | | | Greyhound Racing Track & Stadium Fully functional restaurant and kitchen with indoor seating capacity for up to 150 customers Confidentially offered for sale Ref No: CO054 Location: Mesarya, Cyprus Asking price £650,000 | | | BUSINESS LOCATION: | Undisclosed Relocatable UNITED KINGDOM | | BUSINESS SECTOR: | Retail | | TRADE TYPE: | Other | | SALE: | Agent Sale | LEASEHOLD: | £650,000 | | | | | | | | | | | BUSINESS DETAILS: | Business Profile:
The construction of this greyhound track commenced in the summer of 2002. The track is situated on 11 acres of land located in North Cyprus.
Greyhound racing is a brand new industry that has just been created on the island. Worldwide the sport is continually expanding and is forecast to continue to be hugely popular. This is evident all over the world, in particular Ireland and the UK but also in much of Europe, Australia and America.
In terms of existing popularity, the betting and gambling industry on the island is very much in favour of greyhound racing.
An electric atmosphere is unleashed even before racing begins, the buzz in the stadium is infectious and a night of racing offers something to suit all tastes and budgets, whether it is for a relaxing drink with family, friends or work colleagues.
This business was founded by the Vendor with a generous combination of innovative insight and entrepreneurial spirit and has been invested in, up to its current level. This is a fantastic opportunity to build upon the business as it stands and take it to the next level.
Estimated potential revenue can be generated as follows:
Forecast on 400 people and 1 race meeting a week.
Tote betting
400 x £5(min bet) = £2000
£2000 X 10(min race) = £20000
£20000 x 4(week) = £80000
£80000 x 12(month) = £960000
10% (gov comm) £768000 = £96000
25% (track comm) £864000 = £216000 profit a year
Bookies on site based on 50 people.
50 x 10(min bet) = £500
£500 x 10(min race) = £5000
£5000 x 4(week) = £20000
£20000 x 12(month) = £240000
10% £240000(gov comm) = £24000
25% £216000(track comm) = £54000 a year.
One of the objectives is to increase race meetings to twice a week, with the expectation to substantially increase the revenue.
Customer Service:
This business is now in a position to move the whole project forward. This will involve the introduction of betting. Betting is the backbone of greyhound racing. This is a completely new business sector, which has been created in North Cyprus. Greyhound racing is a big industry and this is proven in Ireland, the UK, USA and many other countries. In addition to the greyhound racing, side businesses will be generated as a result. These will include kennelling, training, breeding and the sale of dog foods/products.
At each stage of this business’ proposed developments, providing an outstanding customer service has remained paramount. Taking into account the whole racing experience, from seating, refreshments and dining have been considered and now require a new owner to implement these developments.
Key Strengths:
The current owners have spent a number of years researching the greyhound industry and have made numerous contacts within the business. This research has enabled the launch of the in house hare system and completed fully functional greyhound racing track.
A new owner should consider the amount of research already undertaken in this industry, which the current owners are prepared to share in order to move the business forward.
Growth and Expansion:
At this vital stage of this business’ development a new owner has a host of growth and expansion possibilities.
Consideration should be given to hosting events and functions to ensure a steady turnover. The stadium is the perfect setting for any event and is ideal for corporate hospitality, parties, anniversaries, weddings, meetings and conferences all offering the possibility of increasing the revenue.
With the aid of effective advertising these events could substantially increase turnover, while providing customers with a fun-filled night out. Betting offers considerable scope to the new owner. Tote betting is risk free and easy and if introduced with international on-line betting and nationally televised races could greatly enhance the annual turnover.
Key Opportunities:
The area in which the track is situated lacks any form of leisure facilities for families. The site has ample room to accommodate such features. Facilities could include an Aqua park, fitness centre and bowling alley.
Employees:
At present the existing staff consists of:
· Race manager
· Track manager
· Chef
· Caretaker
Advertising and Marketing:
The business has proposals for local companies to display a sign advertising their company or product. This will generate extra revenue for the business, enabling them to invest in advertising their own product and facilities.
Business Hours:
Summer months the stadium is open for business six days a week and in the winter the venue continues to hold an amateur race for one day a week.
Premises:
At present the main building is single storey. There is a fully functional restaurant and kitchen. The Restaurant has indoor seating capacity for up to 150 customers. There is a proposal to extend upwards, with the ground floor being used for private functions (weddings, parties etc). The first floor provides a seated restaurant, fast food and bar area. There will be televisions showing the races and tote betting points. The estimated size of the new building is 16m x 25m and should be glass fronted with air conditioning.
Substantial kennels have already been erected on site.
Security:
For security reasons the track will need a CCTV system. This will consist of a computer, cameras and cabling.
Financial Information:
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.
Reason for Sale:
Change of circumstances
Support and Training:
Full business familiarisation, training and handover will be provided. | | | | | | FOR SALE | | | | | SELLER: | TURNER BUTLER | | CONTACT: | 01895 25 6000 | | REFERENCE: | CO054 / RightBiz | | ENQUIRIES: | | | | | | | | | | | | | | | | | | | | |
