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Key Facts

[Ref: AC246]

Business For Sale : Quality Refurbished Licensed Italian Restaurant
Location : Bedfordshire, UK
Leasehold | Asking Price: "£265,000"

Contact: Turner Butler

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Asking price includes

Turnover circa £300,000 per annum
Recent refurbishment costs of £150,000
High quality fixtures and fittings
Stock of circa £5,000

Flexible seating for 90 covers
Recent Garden / Patio extension for Al-fresco dining
Established local client base
Exceptional reputation for traditional home cooked Italian food
5 star hygiene ratings from Local Authority
1st floor self-contained function room with flexible seating
12 years remaining on 15 year lease
Planning and foundations in place for Cold-room extension
Limited competition within 5 mile radius
Goodwill

Business profile

This traditional Italian restaurant was established in 2006 after a major refit to the premises. The present owners completely renovated the building, and converted the top floor flat into further restaurant space. The upstairs can be used for private functions and parties, with itís own self-contained bar area, and lighting / sound facilities. When not used for functions, there is seating for 46, to compliment the large seating area for 42 covers downstairs.

The husband and wife team have spent their working life in the Italian cuisine trade, and have a great commitment to the business, which has shown through with the high levels of repeat bookings attained by restaurant.

The business has enjoyed excellent reviews in the local press and has a 5 star hygiene certificate from the local authority. Offering À la carte dining at the high end of the market in the evening, with busy set-meal trade offered during lunch service and at the weekends, the business is proud to be capable of serving all types of customers at all times. With a range of price levels for both food, and a well thought-out complimentary wine list, the operation is slick and well planned for maximizing profit level.

The lunch and weekend set-meal service offers two courses for £9.90, with the À la carte menu offering a traditional home cooked main meal for around £14.00. The wine list ranges from £12 - £45 per bottle.

The business enjoys a prime high street town centre location in Bedfordshire county. The business's turnover benefits from its prominent position and being without direct competition in the vicinity for quality Italian dining. The business is situated among other successful and well-known high street shops, department stores, banks and building societies and benefits from the volume of footfall and passing trade.

The business is primed for further growth, with planning and foundations in place to build a cold room extension to the well-equipped kitchen. The garden area has been completed for al fresco dining.

Customer Service

The restaurant considers simply that happy customers come back, and on that simple basis has maintained levels of product and service quality intended to best guarantee that happiness. The results of this commitment are evident in the degree of return custom and the reach of its reputation.

Key Strengths

With the major renovation completed, the business offers a well-fitted and finished modern dinning experience that draws customers. The reputation has grown for quality food from an experienced team, with a professional service from the kitchen to front of house. The flexibility now offered by the internal set-up, allow the restaurant to cater for all needs. Comfortably serving regular clientele downstairs, whilst providing a private self-contained function area upstairs for all occasions.

Growth and Expansion

With the major renovation completed, the business offers a well-fitted and finished modern dinning experience that draws customers. The reputation has grown for quality food from an experienced team, with a professional service from the kitchen to front of house. The flexibility now offered by the internal set-up, allow the restaurant to cater for all needs. Comfortably serving regular clientele downstairs, whilst providing a private self-contained function area upstairs for all occasions.

Premises

The restaurant has 12 years remaining on a 15 year lease, and is fully renewable. Current rent is approx £20,000 per annum, with business rates of around £3,000 per annum. The entire building was gutted and stripped bear, before being entirely renovated from the ground up in 2006. Approx £50,000 was spent on a large Kitchen extension including new kitchen equipment. With a further amount of £100,000 + spent on new flooring, service areas, general refurbishment, and high quality fixtures and fittings. The business now occupies circa 1000 sq ft of service space downstairs, with circa 600 sq ft of service area upstairs. There are male and female toilet facilities for customers on both floors, with storage and staff area on the first floor. At the rear of the building, the kitchen now occupies around 500 sq ft.

Employees

The husband and wife vendors are currently responsible for general management of the restaurant, and are involved on a day to day basis in front of house service. In support, their son acts as an Assistant Manager, with 4 part-time waiters / waitresses, 2 full-time chefs, 1 full-time assistant chef, and 1 part-time kitchen assistant.

Financial profile

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.

Turnover circa £300,000 per annum.

Support and Training

The current owner will provide all necessary training and all relevant contacts to allow continuity of trading.

Reason for Sale

The vendors also part own a restaurant in another town in Bedfordshire, which will offer a stable income, whilst they reap the benefits of many years hard work in the food service trade. They are looking to semi-retire, and enjoy a good work life balance with their growing extended family.

 
 

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