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High St Cafe In Cosham For Sale

Cosham, Hampshire
Asking Price:
£39,950
Turnover:
£120,608
Net Profit:
Available on request

Daytime A3 café and take-away. The vendors opened the business 6 years ago installing brand new fixtures, fittings and equipment throughout at a cost of £50,000. The buyer will be taking over a truly turn-key opportunity. There is a brisk morning take-away trade in hot sausage rolls, bacon rolls and hot drinks. Lunchtime favourites include freshly-made sandwiches, rolls, baguettes, fresh salads and filled jacket potatoes. Take-away trade accounts for one third of turnover with All-Day breakfasts, burgers and a popular selection of traditional hot dishes and grills eaten at tables in the café making up the remainder. Annual sales £120,608 (£94,755 previous year) with improved gross profits of £88,638 (74%). 10 year renewable lease. Rent only £12,000 pa.

Property information

Property:

Leasehold

Location:

LOCATION:
Cosham is a northern suburb of Portsmouth and home to the UK Headquarters of IBM at its famous North harbour address. Cosham's High Street is an important shopping destination and this family-run A3 café occupies a prime position in the centre of the High Street's shopping parade. With the added convenience of free on-street parking right in front of these ground floor premises NatWest, Santander and HSBC, Specsavers, Boots The Chemist and WH Smith are all close by. The town of Cosham is highly accessible being well-served by the main A27 Portsmouth to Brighton dual carriageway as well as being close to the A3 London to Portsmouth road and the M27 motorway and offers 3 main line train routes to London.

BUSINESS:
A popular and profitable, family-run, daytime café and take-away. Now ready to retire, the vendors opened the business 6 years ago installing brand new fixtures, fittings and equipment throughout at a cost of £50,000. The buyer will be taking over a truly turn-key opportunity. There is a brisk morning take-away trade in hot sausage rolls, bacon rolls and hot drinks. Lunchtime favourites include freshly-made sandwiches, rolls, baguettes, fresh salads and filled jacket potatoes. Take-away trade accounts for one third of turnover with All-Day breakfasts, burgers and a popular selection of traditional hot dishes and grills eaten at tables in the café making up the remainder.

BUSINESS PREMISES:
(all sizes are approximate and should be considered 'nominal'.)
This well-presented, 40-cover café measures 15ft wide x 45ft deep (675 sq ft/62.7sq m) under a suspended ceiling with neon diffusers and a tiled floor throughout. Customer serve-over counters, ovens, jacket potato baker, coffee machine and various other top of the range stainless steel items of equipment. There is a well-equipped kitchen, a dry store, an office and two customer toilets. A door to the rear leads to the parking area with one space allocated to the business. The net internal space according to the latest business rates assessment is 820sq ft or approx. 76 sq m.
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 and should be considered 'nominal'.)

There is no private accommodation included with this opportunity

OUTSIDE:
The business is situated in the centre of a busy retail parade on the High Street with free on-street parking in front of the premises. NatWest, HSBC and Santander Banks are opposite with Boots, WH Smith and Specsavers all close by.

TENURE:
This is a leasehold opportunity with a 10 year lease in place which expires in 2021. The lease is a protected lease within the terms of the Landlord and Tenant Act 1954 and therefore renewal rights apply. The current rent payable is £12,000 per year. There are 5-yearly rent reviews with the next review due in 2021.
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 threshold therefore zero rates are payable in 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.

TRADE:
Accounts inspected by Adams and Co show increased turnover for the year ended 31 March 2016 of £120,608 (£94,755 previous year) with improved gross profits of £88,638 - 74% (£61,486 - 65% previous year). Reconstituted net profits for year end 31 March 2016 were £39,612 compared to £20,693 the previous year. The last 4 VAT returns submitted to 31 May 2017 show quarterly sales averaging just under £30,000 net of VAT.
Please note all figures exclude VAT.

HOURS:
Monday to Saturday 0730 to 1600
Sunday Closed

Planning consent allows 8pm closing and Sunday trading.

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

STAFF:
As a result of the vendors' ill-health in 2016 additional staff were taken on resulting in an increase in the wage bill of 40% over the previous year. 5 members of staff are now employed to cover the hours.

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:
The vendors' ill-health forces a reluctant sale but has created an exciting opportunity for a new owner to build on the solid foundations laid down by the current owners who have worked in the catering industry for more than 45 years. Ownership included fish and chip shops, restaurants and most recently a retail sandwich business with 5 independent outlets. They sold up and retired but boredom soon set in so they decided to have "one last go" and set this cafe up from scratch 6 years ago.

Financial information will be made available to seriously interested purchasers after they have formally viewed the business.

LOCAL AUTHORITY:
Portsmouth City Council Telno --- ---- ----

INTERNET:
First time buyers of a business may find this Government
information website Setting Up In Business helpful.
Potential buyers wishing to find out more about the surrounding areas are invited to 'search' under 'COSHAM', where numerous sites are available for perusal, or specifically go to 'upmystreet.com' and use the post code 'PO6'.

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