Turnover £545,000 Asking Price £400,000 Profit £154,000
Here is a rare opportunity to acquire a superb and well established Italian restaurant benefitting from a full bar licence as well as an A3 licence. The restaurant is in Richmond upon Thames in a high footfall area close to a railway station.
The restaurant has a maximum capacity of approximately 130 covers, including a private function room that has 27 covers, and an outside area of approximately 60 sq metres, that lends itself to being covered over, subject to planning permission, to enhance trade during the cooler months.
The restaurant is currently closed on Sundays, which if opened, could substantially increase turnover as the area is extremely busy on Sudays. There is a newly signed 15 year lease on part of the premises, and there is approximately 10 years left on the lease on the adjoining premise.
There are two studio apartments above the premises, which are currently let on short term leases, and bring in an additional revenue, offsetting the rent to the tune of over £24,000 p.a. The rent for the premises is currently a total of £79,000, so the rent for the premises is approximately £55,000. The rates are £16,000 p.a.
The figure of £154,000 is the EBITDA including the revenue from the flats. The stock is to be sold at valuation and is estimated to be worth approximately £20,000.