Restaurants for sale in Torquay

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I can honestly say I was overwhelmed by the amount of interest and enquires this generated. Very easy to advertise your business with great results!

Jo White (April 2016)
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Freehold Price: £799,999 Price Reduced Annual Turnover: £76,251 Annual Gross Profit: £66,331
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Business Description
BUSINESS
Hilton Smythe welcomes The Richwood to the market.

The present owners are proud Winners of the English Riviera and South Devon Bronze Award for Excellence in Service 2013, and have been featured in Channel 4’s “4 in a Bed”, also in 2013. Without doubt, the Richwood offers some of the best hospitality in the English Riviera.

Originally established as a hotel in the 1930’s, the Richwood Guest House has been run by our clients for the last 6 years. They are now looking to sell the business due to the desire to take a well-deserved retirement.

Run as a welcoming, comfortable and affordable seaside guest house offering 14 letting rooms, the Richwood also boasts a large range of facilities: swimming pool, sun terraces, a spa, restaurant and bar with a large tropical fish tank, a resident’s lounge with satellite TV and a pool table. Welcoming people of all races and cultures, two pet friendly rooms add to the popularity of this venue.

Fully licenced, the Richwood has a substantially sized restaurant and a cosy bar. The present owners, a two-person team, trade for only 9 months of the year, supplying meals for up to 8 covers per evening. Well known for its fabulous Mediterranean and European food, they have been awarded a “Five Bubble” Food award and a Certificate of Excellence in 2013 and 2016, all from TripAdvisor.

In a great trading location and receiving a generous amount of loyal repeat business from guests, the Richwood generates a healthy turnover of around £76,000 per annum as of the 2016 accounts with a gross profit of 87%. This is a great turnover that could be increased.

Using the booking engine Freetobook, bookings are submitted directly to the Richwood office through on-line travel agencies such as Booking.com, LateRooms, TripAdvisor etc., via the business website www.therichwood.co.uk or per telephone. The website also provides a lot of information, verified guest reviews and much more.

The business comes with exceptional reviews from TripAdvisor.

Our clients have deliberately kept staffing costs low, putting most of the profits back into the business.

A substantially sized building that stands out from its competitors, the Richwood is very different, with many original features. Our clients, having taken over the Richwood and the business in a state of disrepair, with no good-will and no bookings, have put a lot of effort and money into the business and this shows. The client basis has been rebuilt as the turnover testifies.  

The Richwood now has 98% double glazing, solar panels, a renewed façade, a renovated and well cared for pool area, newly renovated entrance (with a Yale keyfree electronic locking system), reception and landings. New beds and flat screen TV/DVDs in all the guest rooms, all of which have been renovated, round off this Victorian gem. All corridors and most internal and external public areas are fitted with motion activated lighting, which of course saves energy.

 

There are a lot of opportunities for this business and with further hard work it could be taken to the next level. Any new owner will profit from the full goodwill of the present owners and a well organised infrastructure which will facilitate a seamless take over.

BUSINESS POTENTIAL

In 2014 tourists spent £433,473,000 on the English Riviera (Source: Torbay Official Tourism Statistics)

The present owners close the Richwood for 3 months each year. The potential for organising bookings from other areas of the UK via cooperation with travel agencies for the winter season is large, as would be the increase in turnover.

With a BCG till wired to the kitchen from the bar for ease of ordering, and facilitated by a fully fitted large commercial kitchen with covers for up to 26 persons, the Richwood is already perfect for catering. A new management, by building on the already very good reputation of the Richwood, could offer a restaurant service to the general public. With most of the restaurants in Torquay closing over the winter months and most of the B&Bs and Guest houses in the area not providing meals, this is also an enormous potential for increasing the turnover.

There is a second bar in the property, at present used for storage, which used to stay open till early hours. This was very popular and could be something a new owner could bring back to life.  

This is an inviting opportunity for a purchaser with a passion for the trade. Hilton Smythe highly advise early viewing to take in the full potential of this popular award winning guest house.

LOCATION
The Richwood, a Victorian Guesthouse, is located in Torquay, Torbay, Devon.

Torquay, with its beautiful seafront and bustling town centre, is a well-known tourist location on the English Riviera.

The English Riviera is great place to have a holiday, with plenty of activities ranging from romantic coastal walks and cycle paths to action packed activities and a vibrant nightlife in the various towns There are many beautiful beaches, water sports, boat trips, deep sea fishing and kite-surfing. The rugged coastline of Cornwall and the beauty of Dartmoor are within easy reach. This fantastic location attracts over three million of tourists each year.

 

The South West of England has many great places to enjoy. Plymouth - the gateway to Cornwall - is just a 45-minute drive and Exeter, with its airport, is just 30 minutes away. A network of country roads throughout the area takes one though many beautiful old villages and some of the most stunning countryside in England.

The Richwood is situated in a prominent location just minutes away from public transport. Torre train station, which has regular connections to all over the UK, is two minutes away. Bristol international airport is easily accessible. A local bus stops a few meters from the Richwood’s door and connects to the bus network.

The guest house is located just a short walk away from the town centre and seafront, just off the arterial road into Torquay. This main road runs from the coast and connects to the A380 which then links to the M5 motorway that is just a short 20-minute drive away.

PREMISES
The Richwood is refreshingly eye catching with its bright sky blue exterior. The property is complete with murals and presentable flowers pots and baskets.

Originally built in the 1800’s, the guest house has the characteristic features of a Victorian mansion.

LOWER GROUND FLOOR

Leading to the terraces and pool area at the back of the property, a side gate from the front leads down some outside steps to the lower ground floor. This entrance has also been utilised as the entrance to the pet friendly rooms.

The terrace leads down to the pool and spa. The pool, which can be heated if wanted, is the full width of the property has a terrace and looks clean and inviting. There are sun loungers dotted around with an astro turf area to give a garden feel. There is also the pool treatment room and two storage sheds.

Entering the lower ground floor though French windows, one goes into a delightfully bright and airy games room with pool table, darts corner and a guests lounge complete with 3 sofas, a TV and a projector for big screen - a great chill out space.

A stairway leads from here to the ground floor. Halfway up is a storage room and a small bar. Former owners, before our clients, ran this area as a pub. It has its own entrance, with steps up to the front of the building.

Lower Ground Floor Guest Rooms – at present used as pet friendly accommodation

Room 1 – premiere twin room with En-Suite with shower and WC.

Room 2 – premiere double/large family room – double and bunk bed with En-Suite WC & shower

GROUND FLOOR

At the front of this very large property is the restaurant and the main entrance, leading into the reception. There is guest parking for around 6 vehicles with further free parking on the road.

From the front, the size of the Richwood is deceptive – inside there are a warren of corridors, stairs and landings leading to the 14 Ensuite guest rooms. The owner’s accommodation, which has 2 Ensuite bedrooms, a living room and a balcony are found on the ground floor, behind reception.

By the reception is the fully equipped office and a guest WC. The entrance to the cosy bar and restaurant leads off reception. Next to the restaurant is the surprisingly large commercial kitchen and a utility room, both of which come fully fitted.

Leading on from the utility room is a small conservatory, utilised as a staff room which leads to a decked area and a small private garden. There is an outer building with more storage, freezers and laundry equipment.

Ground Floor Guest Room

Room 5 – premiere double room with En-Suite shower and WC with storage above the En-Suite and could be used as a family room. Satellite TV. This is currently used by the owners for family members.

FIRST FLOOR

Leading up from the reception area are stairs to the first floor. An original Victorian stained glass window gives character to the upstairs landing. All rooms are well-presented and are linked by corridors. The large satellite dish could easily provide satellite TV to all the rooms.

First Floor Guest Rooms all with Flat screen TV/DVD

Room 6 – standard twin room – En-Suite with shower and WC.

Room 7 – standard double – En-Suite with shower & WC.

Room 8 – standard double – En-Suite shower and WC.

Room 9 – premiere double/ family room – double and bunk bed – En-Suite with shower and WC.

Room 10 – standard double – large En-Suite with shower and WC.

Room 12 – one big family room with double, single and bunk beds – En-Suite with a shower WC.

Room 14 – Deluxe / Honeymoon room – double big room, four poster king size bed – large cupboard – En-Suite with double shower and WC - fridge.

Room 15 – premiere twin room – walk in wardrobe – large En-Suite with shower and WC.

Room 16 – premiere double – En-Suite shower and WC.

Room 17 – standard double – En-Suite with shower and WC.

Room 18 – standard double – En-Suite with shower and WC.

Used as owner’s accommodation: Room 19 – a small single tower room (steep stairs from landing) En-Suite with shower and WC.

 INCLUDED IN THE SALE

Fully equipped office:

PC with booking system – printer/scanner and copier - 2 broadband connections, one for business, one for Wi-Fi – Fax machine – shredder– CCTV screen – electronic safe – BT Quantum telephone system with connection to the reception, kitchen and a hand held – desk and swivel chair – filing cabinets.

Reception

Area for PC with infrastructure to link with the office PC/CCTV/booking system – hatch to entrance hall – room-key board – telephone.

Kitchen and utility equipment:

Stainless work surfaces - huge chiller fridge - plate heater - industrial 6 hob gas cooker with grill and an enormous oven – microwave – sink with hot and cold water – loads of cupboard space – halogen oven – low fat fryer – big George Foreman grill – stainless steel layered trolley for crockery/equipment – wine racks – telephone – infrastructure to link with bar till for food orders, washing up machine, icemaker, hot water machine, washer/dryer, 3 freezers and much more.

TENURE
Freehold

HOURS
The business can be throughout the year but at present closes for 3 months in the winter.

STAFF
The business is run and managed by our clients with some help from a cleaner and maintenance staff as required.

FINANCIAL PROFILE
The business generates a turnover in the region of £76,000 per annum as of 2016 accounts. Gross profit 87%.



Tenure: Freehold

Listed by: Hilton Smythe
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