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Coffee Shop And Patisserie In Southsea For Sale

Southsea, Hampshire
Asking Price:
£75,000
Turnover:
£95,087
Net Profit:
£64,525

BUSINESS:
An established A3 coffee shop and patisserie in Southsea's main trading area of Albert Road. Licensed to trade from 0700 to 2300, 7 days per week, the owners only run the business between 0930 to 1630, 5 days per week offering significant scope to grow the turnover from its current level. In the same hands for the past 7 years, the husband and wife operators have built up a loyal clientele and hold their own in the face of increasing competition from national operators attracted to this popular, busy mixed trading area including Costa. A delicious selection of home made cakes and patisserie items are popular with customers. Tables in the attractive, flower-strewn rear courtyard are sought after in the Spring and Summer months. Highly rated on Trip Advisor.

BUSINESS PREMISES:
(all sizes are approximate & should be considered 'nominal'.)

The internal seating area offers 21 covers and measures 31'9" x 11'9" narrowing to 8'10" (323 sq ft) / 9.7m x 3.6m narrowing to 2.7m (30 sq m); the separate, fully-equipped kitchen/food preparation area measures 24'10" x 10'2" (258sq ft) / 7.6m x 3.1m (24sq m); the rear courtyard measures approximately 19'4" x 18'7" and 25'6" x 7'6" (total 560 sq ft)/ 5.7m x 5.9m and 2.3m x 7.8m (total 52 sq m) with tables and seating for an additional 20 customers.
Note:
Where items of equipment and appliances are mentioned, no warranty is given or implied as to their operational condition.

PRIVATE ACCOMMODATION:
(all sizes are approximate & should be considered 'nominal'.)
There is no private accommodation included with this opportunity

TENURE:
This is a leasehold opportunity with a lease protected under the Landlord & Tenant Act so renewal rights apply. The current lease has expired but the landlord is happy to grant a new lease for the buyer with the rent held at the current level of £9,000 with a review at the end of the second year.
Please be aware that the landlord will require references to support your application as a tenant and satisfactory bank and trade references will be requested. In addition, the landlord may ask for a rent deposit equal to 3 or 6 months dependent upon quality of references and status of the buyer.

RATES:
The rateable value of the business premises is below the minimum threshold so no rates are payable for 2017/18.
NOTE:
This information has been obtained either from the current rate demand for the property, by telephone from the local authority or by reference to the VOA website. The amount payable is the standard rate for the Rateable Value shown. In some circumstances this may vary, and therefore it is recommended that potential buyers make their own enquiries through the local authority to check the applicable rateable value and whether the rates payable will be the figure quoted above.

SERVICES:
We understand from the vendor that mains electricity and drainage are connected to the property. There is no gas supply.

TRADE:
Accounts inspected by Adams & Co for the year ended 31 March 2017 show annual sales revenues of £95,087 with gross profits of £77,611 (81%) and adjusted net profits of £61,263. This compares very favourably with the previous year's figures of £97,408 turnover with gross profits of £81,342 (84%) and adjusted net profits of £64,525.
Please note that if a business is VAT registered, all figures exclude VAT.

HOURS:
Monday Closed
Tuesday 0930 to 1600
Wednesday 0930 to 1600
Thursday 0930 to 1630
Friday 0930 to 1630
Saturday 0830 to 1630
Sunday Closed

STAFF:
The vendor and his wife run the business between them so there are no employed staff.

STOCK:
The vendor informs us that the value of the stock is approximately £500.

LEGAL FEES:
Vendors and Buyers each to meet their own legal costs, but if a lease is to be assigned from the vendor to the buyer they will also be expected to share the landlord's legal costs on a 50/50 basis. If a buyer wishes to negotiate a 'new' lease, they will be responsible for all the landlord's legal costs.

COMMENTS:
Once the business is sold, one of the vendors has decided to return to his previous career in Engineering. This has created an exciting opportunity for a new hands-on operator to build on the solid foundations laid down by the current owners.
Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

LOCAL AUTHORITY:
Portsmouth City Council Telno:

Property information

Property:

Leasehold

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    We will pass a copy of your enquiry information, along with the name of the business you enquired on to finance specialists Rangewell. They will contact you in due course about financing your business purchase.

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