London Freehold Or Leasehold Greek Restaurant 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 £700,000 with a net profit of £300,000. (See financial summary below). This is very impressive considering the credit crunch.
• A business with great potential which has not been exploited because the owner wishes to retire.
• An easily run operation.
• Good loyal well trained staff.
• A good freehold investment with 2 flats and large commercial premises.

Phoenix Business Transfer Agents are delighted to place onto the market this thriving Greek restaurant which has been established since 1979. The business has been in the hands of the current owner since 1979 and he now wishes to sell due to retirement.

This very good business opportunity provides a quality Greek eating experience including dancing.

The concern employs 16 staff. 5 are full time and 9 are part time. There are 2 chefs paid £450 each and 3 waiting staff who are paid £300 each per week. All staff would stay on after a sale.

The owners’ role is full time and he manages the business.

The owner markets the business extensively with a £12,000 annual budget. This includes TV, radio and local press, and there is a website.

As far as competition is concerned there is one other local Greek restaurant.

The client base consists of local and loyal clientele of mixed backgrounds.

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.
• There will be a natural growth because of the local residential developments.

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.

Property Details
The property is terraced and is part of a parade of shops and is approximately 35ft x 60 ft. The front is branded with an attractive canopied glass front.

The restaurant has 180 covers. The bar area is to the rear. There is also a dance area and the dining area is immaculately presented. There are customer toilets and a disabled toilet. There are various store rooms and a very large kitchen and a walk in cold room.


Equipment with sale
All fixtures and fittings and equipment are included in the sale price and are valued at £40,000.

First Floor
On the first floor there is a large 3 bedroom maisonette with a good rental income.

Second Floor
On the second floor there is also a large 3 bedroom maisonette with a good rental income.
.

External

Financial Details
The present turnover is £700,000 per annum with a gross profit of 40% and a net profit of £300,000. The present value of the stock is £5,000 and the fixtures fittings and equipment are worth £40,000. The rental income is £28,000 per annum.
In 2008, the turnover was £700,000. The potential turnover of the business within the next 2 years is forecast to reach £800,000 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.

Trading Hours
The business operates from Tuesday to Sunday between noon until 3pm and 5.30pm – 11pm and on Friday and Saturday until 1am.

Tenure
The premises are available on a lease for terms to be agreed and a rental for the restaurant of £42,000 pa. The rates are £26,000.
Viewings
The owners are available for viewings at anytime.

Property information

Property:

Freehold

Location:

This superb business opportunity is situated in the Palmers Green area of 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 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.
The location is well linked with the North circular and the underground railway station close by. The business has clientele from within a 15 mile radius. The locale offers a good lifestyle opportunity.

Premises details:

First Floor
On the first floor there is a large 3 bedroom maisonette with a good rental income.

Second Floor
On the second floor there is also a large 3 bedroom maisonette with a good rental income.
.

Other information

Competition / Market:

As far as competition is concerned there is one other local Greek restaurant

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:

retirement.

Trading hours:

The business operates from Tuesday to Sunday between noon until 3pm and 5.30pm – 11pm and on Friday and Saturday until 1am.