Leasehold Chinese & Thai Restaurant In London For Sale

Business description

The particular highlights of the business are:
• The owner may be prepared to accept staggered payments for the business, enabling the buyer to pay from profits although a lump sum sale would be more favorably considered.
• Ideally located concern offering excellent lifestyle.
• A well established business.
• Good loyal clientele.
• Fully equipped business with favorable lease terms (see below).
• Turnover in excess of £150,000. (See financial summary below). This is very impressive considering the credit crunch.
• A business with great potential which has not been exploited because the owners wish to re locate.
• An easily run operation.
• Good loyal well trained staff.
• A good first time buyers business.

Phoenix Business Transfer Agents are delighted to place onto the market this well known Chinese and Thai restaurant which has been established since 2000. The business has been in the hands of the current owners since 2000 and they now wish to sell due to re location.

This very good business opportunity provides authentic Thai and Chinese cuisine.

The concern employs 5 staff. 3 are full time and 2 are part time. They are paid at the rate of £6.00 per hour. The total wage bill is £900 per week. All staff would stay on after a sale.

The owners’ role is very hands on and they both work full time.

The owner markets the business in local papers, in the hospital magazine, the local gymn and in other local trade magazines.

As far as competition is concerned there are only take away shops locally.

The client base consists of doctors and admin staff, locals and students.

The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• Becoming more efficient with staffing levels.
• Working more hands on hours and saving on wages.
• With the introduction of a website and e-commerce.

The owner would be available for a business familiarisation period of one week for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.

Financial Details
The present turnover is £150,000 per annum with a gross profit of 60%. The wages are £900 per week. The present value of the stock is £1,500 and the fixtures fittings and equipment are worth £30,000.
In 2007, the turnover was £200,000. The potential turnover of the business within the next 2 years is forecast to reach £250,000 given the changes that are required to be made to the business. Full financial disclosure is available on request after viewings and the signing of a confidentiality agreement.
Please note Phoenix do not guarantee the accuracy of these figures which are in many cases estimated and are not verified. Please do not rely on the accuracy of these figures and seek professional help before making any offers. Phoenix will not be held liable for any inaccuracies in these figures or any other statements contained in relation to this business.

Property information

Property:

Leasehold

Lease terms:

The original length of the lease was 20 years with 11 years remaining. The rent is £35,000 pa with a review in 4 years. The rates are £7,600.

Leasehold rent:

£35,000 per annum

Location:

This superb business opportunity is situated in the Archway area of Islington in London. It is on a main arterial road and enjoys much traffic flow and there is a good foot flow of pedestrians. There is a densely populated residential area surrounding the property and it is within a commercially thriving part of the area. There is ample parking nearby.
The area attracts many shoppers who use the area on a daily basis and there are many local facilities including banks and many other retailers. There are also busy industrial estates nearby. There is also a very busy hospital opposite and the area is a well known eating location.
The location is well linked with the A406 and the railway station close by. The business has clientele from within a 10 mile radius. The locale offers a good lifestyle opportunity.

Premises details:

Property Details
The property is terraced and is part of a parade of shops and is approximately 1,970 sq ft. The front is branded with an attractive glass front. There are electric shutters and a CCTV system. The main customer service area is tiled and is very well presented and is very conveniently laid out.

The restaurant has 70 covers but is able to have up to 100. The bar area is to the rear. There are customer toilets including

To the rear is a store room. There are a toilet and staff facilities and a fully equipped kitchen.

Equipment with sale
All fixtures and fittings and equipment are included in the sale price and are valued at £30,000.

External
To the front there is the main arterial road.
To the rear there is a concreted garden with a separate office.

Other information

Competition / Market:

As far as competition is concerned there are only take away shops locally.

Support & training:

The owner would be available for a business familiarisation period of one week for the benefit of the new owners if required. The Owner would also be happy for an on the job observation period to assess the business prior to offers being made.

Reasons for selling:

sale due to re location.

Trading hours:

The business operates from Monday to Saturday between noon and 2.30pm and 6pm to 10pm and Sundays between 1pm and 10pm.

Furniture / Fixtures value:

£30,000 (included in the asking price)

Inventory / Stock value:

£1,500