Harboro Hotel For Sale

Business description

Attractive 18th century hotel with 27 en suite bedrooms in historic market town. 80 cover restaurant and popular bar.

Wet led business that has seen significant recent growth and continues to do so. £556,903 net turnover for year ending June 2008. An imposing property believed to date back to the 18th century, the Harboro Hotel was originally a coaching inn but is now Melton Mowbray's most popular and well known hotel. Occupying a prominent road side position, the hotel's 27 spacious en suite bedrooms are popular with businessmen and contractors. In addition to the strong bedroom trade the hotel's lounge bar is popular with local residents and is well known for its real ales and as a result of this wet sales account for a high percentage of the turnover. The fact that the trade is derived from a number of income streams is one of the strengths of this successful town centre hotel. The Harboro Hotel occupies a prominent position on Burton Street (A606), the northern approach to Melton Mowbray town centre.

This bustling market town is steeped in rural tradition and is famous for its fine food and drink. Nestled in the heart of rural Leicestershire, Melton Mowbray encompasses the picturesque Vale of Belvoir and is a popular destination for those visiting nearby tourist attractions such as Belvoir Castle and Rutland Water. The current Owners purchased the leasehold interest in the hotel in 2002, acquiring the freehold 4 years later. During their ownership they have not only improved the building but have also established a fine reputation for their real ale sales. Multiple income streams not only reduces the risk but also offers new imaginative operators the opportunity of diversifying and increasing trade in other areas. Of particular note in this instance is the restaurant and function trade which offers growth potential.

THE PROPERTY
A substantial, Grade II listed property believed to date back to the 18th century, constructed of brick with a pitched slate tile roof covering.

PUBLIC AREAS
Entrance doors to the front and from the rear car park lead through to a spacious, open plan Bar with two designated seating areas. The Belvoir Lounge has a well designed bar servery and comfortable seating for around 40. An open archway leads into the Quorn Lounge which has traditional freestanding tables and chairs seating around 28 and to the right hand side of the bar a central staircase leads to the hotel accommodation on the upper floors. Finally, the spacious 'L' shaped Restaurant is conveniently located adjacent to the commercial kitchen and is currently set up to accommodate 80 covers although it can comfortably hold 100.

LETTING BEDROOMS
There are 27 en suite letting bedrooms situated over first and second floor levels sleeping around 54 (23 double/twin, 2 single and 2 family rooms). All of the bedrooms have televisions, hospitality trays, radio/alarm clocks and iron/ ironing boards.

SERVICE/ANCILLARY AREAS
The hotel has a generous catering kitchen adequately equipped for the trade with a comprehensive range of professional stainless steel equipment, worksurfaces and storage. There is a walk-in refrigerator and freezer, wash-up and preparation areas and dry store. The beer cellar is conveniently located on the ground floor along side both male and female staff changing rooms. Boiler room.

OWNERS' ACCOMMODATION
Situated on the first floor, the owners' accommodation has a lounge, kitchen, 2 bedrooms and a bathroom.

OUTSIDE
A car park at the rear of the property provides parking for 40 vehicles. There is access from the bar to a courtyard with overhead gas heater and seating for around 30. Also at the rear of the property is a petanque pitch, garage, bottle store and a function room with WC facilities which is often used for meetings and training seminars.

LICENCES
Premises Licence

SERVICES & LOCAL AUTHORITY
Mains gas, water, electricity and drainage. Melton Borough Council

TENURE
Predominantly freehold with a section of the property held on a renewable lease expiring in October 2020 and subject to a current rent of £8,000 per annum. The leasehold part of the property includes 8 of the 27 letting bedrooms and ground floor WC facilities.

TRADE
A trading and profit and loss account for the year ending 30th June 2007 shows a turnover of £459,653 net of VAT, plus £12,003 gaming machine income, from which there was a trading profit of £90,906 before depreciation, bank charges, directors remuneration and rent (the company operates from property owned by our clients). Continued growth in trade is evident; net turnover for the year ending June 2008 was £556,903. Further trading information may be made available to bona fide prospective purchasers following a formal viewing of the property.

PRICE
Price on Application - please contact Colliers Robert Barry for further information regarding the guide price for the freehold and leasehold property, together with the goodwill and trade fixtures and fittings excluding personal items (subject to inventory). Stock at valuation.

FINANCE
Colliers Robert Barry is in touch with different brokers and lenders specialising in all aspects of the hotel, hospitality and pub sector and will be pleased to introduce them to prospective purchasers on request.

TO VIEW
All appointments to view MUST be made through the vendors' agents who are acting with sole selling rights.