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Modern Bar In Ormskirk, Lancashire

Ormskirk, Lancashire
Status
FOR SALE
Advert ID
230622
Reference
6535 / Rightbiz
0161 763 5000
Leasehold Price: £79,995
Annual Turnover: £170,319
    Town Centre Market Location

    Accounts Available 30th April 2019

    Annual Turnover £170,319

    Gross Profit £91,048

    £55,000 Refurbished In 2017

    Substantial Investment In F&F

    Strong Online Reviews

    Close To Edge Hill University

    6 Point CCTV Fitted

    Scope To Introduce Food Sales

    5* Food Hygiene Rating

    Potential For Private Event Hire

    EPC - E

Description:
REF 6535 – Leasehold Bar
Blacks Business Brokers are pleased to bring to the market this leasehold bar located in a busy and much sought-after area of Ormskirk, Lancashire.

INTRODUCTION
Mylo & Co has been trading on Burscough Street since 2017. Our client established the business after noticing a lack of licensed premises in this area of Ormskirk. The business has soon become a well known, busy bar with a good base of regular customers. Our client invested heavily in the refurbishment of the premises in 2017 to create a modern, quirky and well equipped bar offering cocktails, craft ales, draught beers and a large spirits selection – gin proving to be particularly popular in this area. The bar features a popular comedy club on Sunday evenings and offers live music on Fridays. Mylo & Co has a good online presence and social media following with excellent reviews on Google, Facebook and Trip Advisor.

LOCATION
The business occupies a prominent trading position within Ormskirk’s town centre. The area is well linked by the M58 and excellent public transport links are nearby including Ormskirk Train Station. Parking is available in the immediate vicinity. Ormskirk is a growing and bustling town filled with a range of shops from small independents to large multiples including McDonalds and M&S Food.

REASON FOR SALE
The business is suited to a hands-on owner-operator but is offered for sale due to the demands of our client's other business interests being higher than anticipated. This presents an excellent opportunity for a new owner-operator or team to take the business to the next level.

LEASE
The building is available on a competitive rent on a Full Repair and Insure lease (FRI lease). This is the most common form of commercial property lease. The current lease is fifteen years with rent reviews every five. The current lease began in 2017 at a cost of £307 plus VAT per week. Please note, the rent increases by £500 per year.

STAFF
The business is currently operating with two members of staff employed on a full time basis supporting our two clients working on a full time basis. Staff are reliable and experienced and can offer a smooth transition for clients and the new owner - giving reassurance that the momentum of success can be continued under new ownership.

FINANCIAL DETAILS
Mylo & Co has made a solid start to trade and has had a profitable first year. Since then have pushed on we currently have the 2019 accounts on file. We are advised that the business currently has annual turnover of £170,319 with gross profit of £91,048. Full financial details are available upon viewing.

BUSINESS RATES
The rateable value is £3,500. Purchasers should enquire with relevant local authorities to confirm the rates payable.

SUMMARY
This leasehold business is newly refurbished and trading well within the first year. There is plenty of scope to develop the business further with the introduction of food, more themed nights and sports coverage. There is also potential for private event hire and additional use of the first floor and cellar. This proposition would ideally suit an owner operating team who could push the business forward and build upon the solid and impressive trading foundations. Early viewings are strongly advised and are welcomed by appointment only.

Accomodation:
Mylo & Co operates from a spacious and well presented mid terraced property within a parade of shops. The business is very nicely branded with classic signage displayed above a fully glazed frontage. Inside, the bar is finished beautifully with wooden flooring throughout, leather bench seating and stools and quirky décor. The bar is positioned to the rear of the space and is fitted with ten beer pumps, double drinks fridges, glass washer, blender and EPOS till. The bar offers standing room for up to seventy and seating for thirty five. CCTV is fitted throughout and a 50” Panasonic TV is wall mounted. There is also a kitchen area, service area to the rear and cellar used for storage at present.

The first floor is currently used as a storage area and toilet facilities are also within this floor.

Fixtures & Fittings:
7 Pumps bar (space for 10)
Against the wall leather soft/bench
Tables
Chairs & stools
2x Double drinks fridge (under counter)
2 x Single drinks fridge
Glass washer
Blender
EPOS till
Bottle cooler
50Ó Panasonic TV (6 months old)
CCTV (6 points)
Coffee station


Opening Hours:
Sunday – Wednesday: 12pm – 12:30amThursday – Saturday: 12:30pm – 1am


Weekly Rent:
£307 + VAT Per Week. Weekly Rent:
£307 + VAT Per Week.
Listing Details
Location: Ormskirk, Lancashire
Marketed By: Blacks Business Brokers Limited
Sector: Bars
Contact Agent
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Advert Reference: 6535 / Rightbiz

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