Sgt Peppers Substantial Themed Restaurant For Sale

Business description

Offers Around: £895,000 Freehold

Substantial themed restaurant (117), trading over two floors. Same owner since 1982; strong local support, unopposed style. Rising T/O & run under management. Over £112,000 profit plus letting income. From its conception in 1982, Sgt Peppers has traded from its High Street premises in Lowestoft and is now considered by many to be somewhat of an institution in the town. The ’60s themed restaurant has 117 covers over two floors and is supported by local families, the business community and party bookings, for which it enjoys an unrivalled trade. Sgt Peppers was the brainchild of our client, initially a very hands-on operator who is now enjoying the fruits of his labour, and operates predominantly under management. He is the first to agree that the business is based on a straight forward formula that trades very strongly; through choice opening evenings only. Lowestoft is at the heart of the Sunrise Coast and is famous for its multi award-winning beaches and rich maritime connections. There is much to see and do for visitors to the area – enjoy the Easterling Walk to Ness Point, the most easterly point in Britain; visit the Lowestoft Scores, a unique series of narrow lanes created over many years leading from the historic high street to the beach village, or simply visit one of the two piers from the promenade, providing the traditional seaside activities. There are many other interests on the doorstep, including the Suffolk Broads and the cathedral city of Norwich some 27 miles distant. Having developed a very successful business over the last 26 years, this has provided our client with the opportunity to pursue other business interests, and it is for this reason that he has now decided to offer Sgt Peppers for sale. With the exception of the festive period, trade is derived from evenings only and there remains true potential to develop a lunchtime offering and drive the business forward, thus adding to the already strong, consistent turnover. In addition, one could assume that with a full-time, hands-on owner at the helm, savings could also be made to staffing costs.

THE PROPERTY
A substantial end-of-terrace brick building, having a pitched slate roof and accommodation over basement, ground and two upper floors. Private accommodation includes three separate apartments over first and second floors.

PUBLIC AREAS
Main entrance leads off from the high street into a Lobby with access to the main restaurant, and the basement restaurant via a spiral staircase. The Main Restaurant, comfortably laid for 84 covers, is of split-level design, having a bar servery towards the far end. The walls are adorned with various items of ’60s memorabilia creating the overall theme for the business. Toilet facilities are provided off with the gents WCs at first floor. Basement Restaurant (33), accessed from a spiral staircase in the front lobby and a service stair from the main restaurant. There is comfortable seating to one side furnished with leather sofas, and a bar servery, creating an ideal place for larger groups to meet prior to being shown to their tables. This restaurant is popular for private parties and, if needs dictate, can also be used as overspill from the main restaurant.

OWNERS'/STAFF ACCOMMODATION
There are three self-contained apartments: Nos. 1 & 2 are accessed at the left-hand side of the building via a separate staircase; each providing lounge, bedroom, bathroom and kitchen. We understand that these two apartments are currently let to a housing association and produce £4,800 annual income. Flat 3 is currently occupied by staff and comprises lounge, 2 bedrooms, bathroom and kitchen. We are advised that, if let at current levels, it may produce income of £5,700 per annum.

SERVICE AREAS
Commercial kitchen at rear of restaurant with separate prep room and open servery. Large stock room with walk-in chiller. Office. Small staff area/store. Further store to first floor. Basement liquor store.

OUTSIDE Small rear yard.

SERVICES
Waveney District Council. Mains electricity, water, gas and drainage are connected.

LICENCE
Premises Licence

TRADE
A profit & loss account, prepared by our client’s accountant for year ended 30 April 2008 shows net turnover £514,804.58, on which there was an adjusted profit (before director’s remuneration, depreciation and other items personal to the owner) of £112,566.28. This does not include income derived from the 3 apartments of circa £10,500 per annum, nor wage savings for a hands-on operator.

PRICE
Offers around £895,000 for the freehold, complete with goodwill and trade contents (according to inventory), excluding personal items and stock at valuation.

DIRECTIONS
From the A146 or A12 continue to Lowestoft High Street and Sgt Peppers will be found towards the end on the left-hand side. Great Yarmouth 11 miles, Southwold 12, Norwich 27, London 128.

FINANCE
Colliers Robert Barry is able to assist prospective purchasers by introducing sources of finance if required. Whilst we do not charge the buyer for this service, we may receive an introductory commission from the lender or broker involved.

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

Property information

Property:

Freehold