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SOLD OR WITHDRAWN FROM THE MARKET
Advert pending deletion

Popular & Traditional Italian Restaurant

Watford, Hertfordshire
Leasehold Price:
£99,995
Find more details, or book a viewing:
Status
SOLD / WITHDRAWN
Advert ID
235578
Reference
B04879 / Rightbiz

Details

Business
Hilton Smythe welcomes to the market an Italian restaurant that was fully fitted out and opened in March 2018. The cost of the refurbishment was approximately £150,000, the value of which did not include the two walk in chillers and air conditioning system, which were already in place.



Due to other working commitments our client is now looking to sell the restaurant, which takes an average of £7,500 per week.



The business is a traditional Italian restaurant and pizzeria serving a large selection of authentic Italian food made by Italian chefs. From traditional pasta dishes, pizzas, fish & meat dishes, starters, gelato, desserts, beer and Italian wines.



There is a full premises licence and the restaurant can stay open until 11.00 pm.



Although the business has only been open since spring 2018 it has many returning customers for both the lunch and evening menus. There are also strong reviews on TripAdvisor 4.5/5, Google 4.6/5 and Taste card 4.2/5.



The restaurant also has a delivery option via their delivery partners Deliveroo and UberEATS.



Our client wishes to retain the name of the business as they have other premises with the same name, therefore the new buyer will need to re-brand, however, a slight tweak of the brand name is all that is required.



There are many reasons to buy the restaurant including:



•Fully refurbished premises in 2018

•Very high footfall area

•Different menus could be added

•Existing running business taking approximately £7,500 per week



Hilton Smythe highly advise early viewing to avoid disappointment.

Location
The business is located in the town centre of Watford, Hertfordshire, on the main thoroughfare through the town with a high footfall.



The business is surrounded by many other thriving shops including independent shops and large chains.



There are many very local car parks, including Gare multi storey car park which charges £1 per hour for parking.



Watford has a large road and travel network that leads in and out of the town to London and to M25, M1 and A41, along with other major roads.



Watford’s estimated population in 2017 was just over 100,000 and there are many workers who come to Watford from surrounding towns and villages.

Premises
Outside the premises is a canopy covering bistro tables to the front for al fresco dining.



Double doors lead into the main restaurant, which is laid out over two dining floors with approximately 60 covers on the ground floor and 40 on the first floor.



Dining areas



•Wood effect flooring

•Industrial style lighting

•Fully ducted air conditioning system

•Comfortable seating



On the ground floor there are displays for pastas and wine that are also sold retail.



Bar area



•Bar seating

•Coffee machine and grinder

•Wine and alcohol display

•Glass rack

•Sink



To the rear of the bar area is the dumb waiter which leads directly to the kitchen on the first floor.



To the rear of the dining area are the separate male and female toilets.



The 5* hygiene rated fully fitted kitchen is open plan and located to the rear of the first-floor dining area.



The initial area is the pizzeria with preparation area and a large gas pizza oven.



Kitchen



•Fully fitted out in stainless steel

•Preparation tables

•Fridges

•Sinks

•8 burner oven

•Double fryer

•Double pasta boiler



To the rear of the kitchen are two walk in chillers.

Tenure
We are advised the business is being sold as a Leasehold business opportunity.



A new 20-year lease was signed at the start of 2018



The annual rent payable is £65,000



The rates payable are £16,680

Hours
The business opening hours:



Monday - Friday: Lunch 12.00 pm – 3.00 pm

Dinner 6.00 pm – 11.00 pm

Saturday: 12.30 pm – 11.00 pm

Sunday: 12.30 pm – 10.00 pm

Staff
The business is run and managed by our client, with the help of 9 part time and full-time members of staff.

Financial Profile
We have been advised that the business has an average turnover of £7,500 per week and has assets worth approximately £140,000 - £150,000 which are being sold with the business



£99,995
Seller Details
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Listing Details
Leasehold Price: £99,995
Tenure: Leasehold
Sector: Restaurants
Financials
Annual Turnover: £375,000
Location Statistics
What's nearbyi:
Premier Inn Watford Central (approx. 0.2 mile)
Ask Italian (approx. 0.3 mile)
Jurys Inn Watford (approx. 0.3 mile)
Quality By Design (approx. 0.6 mile)
Quality Lounge Suites (approx. 0.6 mile)
Motability (approx. 0.6 mile)
Spire Saab Watford (approx. 0.6 mile)
The Lunch Box (approx. 0.6 mile)
TradePoint (approx. 0.6 mile)
Colne Bridge (approx. 0.6 mile)
Listing Statistics
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SOLD OR WITHDRAWN FROM THE MARKET
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