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Town Centre Cafe/bar - Enfield, North London For Sale

London, London, UK
Asking Price:
£89,995 Furniture / Fixtures included
Turnover:
£96,035
Net Profit:
Available on request

Main Street Trading Position
Accounts Available Year End 30th June 2019
Annual Turnover £96,035
Gross Profit £66,264
Accounts Available After Viewing
Recently Refurbished 2020
Established 2016
Affluent Area
Five Star Food Hygiene Rating
Excellent Online Reviews
Indoor Seating For 30/Outdoor Seating For 12
Strong Transport Links
Licence For Food & Alcohol Until 11pm
Courtyard Licence For Food & Alcohol Until 6pm
Comprehensive Website In Place
Recent Increase In Events/Parties Booked
Could Suit Any Cuisine
EPC – D

REF 6975 – Leasehold Café/Bar

Blacks Brokers are pleased to bring to the market this leasehold Delicatessen/Grocer/Juice bar with a café/bar located in the centre of Palmers Green, Enfield.

INTRODUCTION

My Time was established by our client in this affluent area of Enfield in 2016. The business offers both daytime and evening dining and has a full alcohol licence in place as well as a music and entertainment licence. The business also caters for community events on a “pop up” basis and can also be made available for private parties. My Time is very well known, it has a strong base of regular customers in place as well as benefitting from a huge amount of passing trade due to this excellent trading position. Our client has ensured the business has an excellent reputation and superb reviews are noted on Google, Trip Advisor and Facebook.
However, since lockdown and post COVID-19 our client has reviewed the business model looking to improve sales and come through this period. They have done this by repositioning the business and brand to now incorporate a complete refurbishment costing in the region of £30k, switching to a more retail model which is essentially an organic Delicatessen, Grocer, Greengrocer and Juice Bar. Also expanding on alcohol sales through off sales. They have kept some seating which still does a good trade daily, serving a selection of foods incorporating breakfast and lunch. Sales have grown to an average of £2730.00 per week since the refurb commencing 21st September 2020. With a possible turnover in excess of £140k per annum. This is currently done now over 6 days and reduced hours per day and in this climate, so potential to grow the business in whatever format is very good.
This still allows them to be able to hold evening functions such as Tapas, Pizza, Special foods evenings when able too, so using the alcohol licence.
My Time also has a comprehensive website in place with reservation request form and is being rebuilt to include an on-line store, click & collect/delivery. To purchase the business as it is will cost £90,000 or just cafe side can be sold for £76,000.

LOCATION

My Time occupies a main road trading position within a parade of shops and offices. The area is densely populated commercially with neighbouring businesses including independent retailers and large multiples such as Wetherspoons, Pizza Hut, Boots, Co-Op, Morrison’s and Sainsburys. There are also a number of schools and large housing estates nearby, with high end developments going up in the area. The area is well linked by the A406 and M25 with strong public transport links and parking is available in the surrounding area.

REASON FOR SALE

The business is ideally suited to a hands-on owner-operator but due to the demands of our client's other business commitments being higher than anticipated, the business is offered for sale. This presents an excellent opportunity for a new owner-operator or team to take the business to the next level.

LEASE

The building is available on a Full Repair and Insure lease (FRI lease). This is the most common form of commercial lease. The current lease is a ten-year lease which began in 2016 at a cost of £500 per week. Landlord is prepared to negotiate a new lease though.

STAFF

The business operates with five members of staff in employment. Our client who works on a full-and part-time basis.

FINANCIAL DETAILS

My Time has traded solidly since opening and our client has established a strong repeat customer base. Accounts for year ending 30th June 2019 show annual turnover of £96,035 and gross profit of £66,264. Full financial information is available upon request.

SUMMARY

This is a well-established and well-known eatery and bar which occupies a superb trading position and has a strong base of regular customers in place whom have supported the recent changes to the business and new customers are growing. There is plenty of scope to develop the business further with the introduction of a new online ordering service, new menu choices, larger delivery round and additional seating within the courtyard area. This proposition would ideally suit an owner operating team who could push the business forward and build upon the solid and impressive trading foundations. Early viewings are strongly advised.

Property Information

Property:

Leasehold

Business Operation

Trading hours:

MON - THU: 08:00 - 18:00
FRI: 08:00 - 23:00
SAT: 08:00 - 18:00
SUN: 08:00 - 18:00

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