Long Established and Lucrative Leasehold Greek Restaurant in Derby with Ex
Price:
Leasehold - £139,950
Location:
Derbyshire, Derby
Business Type:
Food Service Businesses
The particular highlights of the business are:
- A well established business.
- Good loyal clientele.
- Fully equipped business with favourable lease terms (see below).
- Turnover in excess of £180,000 pa with a net profit of £50,000 (see financial summary below).
- A business with great potential which has not been exploited because the owner is ready to retire and the business has been running at half its potential for some time.
- An easily run operation.
- Good loyal well trained staff.
- A good first time buyers business and ideal purchase for a husband and wife team
- Low rent and rates.
- Very low overheads.
- A niche concern with no competition.
- Business enjoys superb local reputation
- The concern provides traditional Greek cuisine.
History
Phoenix Business Transfer Agents are delighted to place onto the market this long established Greek restaurant which has been established in its current location since 2004. The business was established in 1985 and relocated in 2004. The business has been in the hands of the current owner since 1985 and he now wishes to sell due to retirement.
Services
This very good business opportunity provides traditional Greek cuisine.
Staffing
The concern employs 4 part-time and 1 full-time members of staff.
Owners Role
The owner is involved in the day to day running of the business.
Marketing
No marketing or promoting of the business has recently been undertaken as the business is well known.
Competition
There is no local competition.
Market
The client base consists of local residents and is also popular with business customers and tourists.
Opportunities
The concern has huge potential. In particular the turnover and profits can be increased by:
• Increasing the marketing activity with direct mailings and local and internet advertising.
• Increasing the opening hours to include a lunch time service and Sunday opening.
• Increasing the services to include outside catering and takeaway.
• There is a great opportunity to increase the turnover by promoting the greatly under used function room on the first floor.
• With the introduction of a website and e-commerce..
Training and Handover
The owner would be available for an extensive training and handover period for the benefit of the new owners if required. The owner would also be happy for an on the job observation period to assess the business prior to offers being made.
- Situated in the London Road area of the city centre in Derby.
- Prominent location on main arterial road.
- Excellent parking facilities nearby.
- Industrial estates nearby.
- Surrounded by a densely populated residential area with schools and other local amenities.
- High levels of passing trade.
- Good volumes of traffic and pedestrian flow.
- Commercially thriving area.
- Well linked with the A601, A6, A514, A52 and M1.
- Nottingham, Burton-on-Trent and Loughborough all lie close by.
- Area enjoying much growth and regeneration.
- A lifestyle area.
- Excellent local demographics for this type of area.
- Affluent area.
The original length of the lease was 20 years with 14 years remaining. The rent is £24,000 pa with a review in 2015. The lease may be renewable or negotiable for longer term if required. The rates are £5,000.
Monday to Thursday: 6.00pm - 9.30pm.
Friday to Saturday: 6.00pm – 11.30pm
Sunday: Closed
First Floor
On the first floor there is a function room with its own bar/service area. There is also a self contained 1 bedroom flat currently being let out and is generating £2,400 pa in income.
Second Floor
On the second floor is a self contained 1 double bedroom flat currently being let out and is generating £4,560 pa.
Third Floor
On the third floor there is a self contained 1 double bedroom flat currently being let out and is generating £6,600 pa.
North Yorkshire
£ 750,000
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