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Extremely Well Presented & Renowned Licensed Restaurant For Sale

Exeter, Devon, England

  • Leasehold Price: £59,950
  • Annual Turnover: £233,973
Seller Reference: 2100
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Business Description
 
 
 
 
 
 
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Seller Reference: 2100
Request Details
Business Description
THE PROPERTY
The Conservatory is a thriving and well-regarded licensed restaurant which is presented to a high standard throughout, having been owned by our clients for the last 7 years. The premises, which form the ground and lower ground floors of a grade II listed property, blend both character features with modern contemporary furnishings and décor. The premises offer potential for incoming operators to develop the style of trade to suit their own requirements and take advantage of the stylish restaurant premises with a first class reputation and established clientele. The premises briefly comprise: - attractive Main Restaurant Area comfortably seating 30 customers with space for additional covers if required; Front Dining Area with seating for 6 customers; and a Lower Dining Area comfortably seating 12 customers. Fully equipped Commercial Catering Kitchen and Customer Welfare Facilities.

SITUATION
The Conservatory is located in North Street, one of the main thoroughfares and a busy trading position with high footfall, just off the High Street, in the main shopping area of Exeter city centre. The Conservatory benefits from the considerable commercial advantages of its much sought after trading location, close to two large public car parks, offices and several well known national retailers. Exeter is the regional capital of the South West and as such, is not only an established and expanding business centre, but also a popular tourist destination year-round. Renowned for its historic Cathedral, university and waterside developments, Exeter boasts excellent transport communications with 2 mainline rail links to London, an international airport and easy access to the M5 motorway at Junction 30.

INTERNAL DETAILS
Main entrance door to front into Front Dining Area with stripped wood flooring, coffee machine, coffee grinder, free standing wooden tables and chairs and fixed bench seating comfortably for 6 customers. Through into Main Restaurant an attractive dining area presented to a high standard with original ornate and historic wall panelling (covered by glass), part slate and part stripped wood flooring, glazed door to side, range of free-standing tables and chairs comfortably seating 30 customers in pleasant surroundings. Lower Dining Area a continuation of style and theme with slate flooring, wine cabinet, range of free-standing tables and chairs comfortably seating 12 customers, also used for private dining and small functions. Customer Welfare Facilities. Drinks Dispense Area with electronic cash register. Commercial Kitchen with Altro flooring, fitted with a comprehensive range of commercial catering equipment to include:- 6-burner gas range, extractor system with stainless steel canopy over, Blue Seal convection oven, twin floor standing deep fat fryer, Salamander grill, 6 under-counter fridges, 2 under-counter freezers, 2 upright fridges, comprehensive range of stainless steel workbenches with shelving below, serving gantry with warming lights, 3 commercial microwave ovens, warming cabinet, wall shelving, twin bowl stainless steel sink unit, stainless steel handbasin, deep stainless steel washup sink, commercial pass through dishwasher with trayslide.

Please note: The fittings, equipment and services listed have not been tested by the agents, although we are informed that all items are in working order.

THE BUSINESS
The conservatory is a well established and high quality 48 cover licensed restaurant which has been owned by our clients for the last 7 years. The premises are furnished and fitted to a high standard throughout and it is renowned as one of the best restaurants in Exeter with excellent and consistant reviews on Trip Advisor, (number 3 of 393 retaurants in Exeter in May 2019), and a certificate of excellence. All produce is sourced locally with all of the food cooked freshly to order and this attention to detail ensures that The Conservatory enjoys good levels of regular repeat trade and an excellent local following, not only from Exeter but also the surrounding towns and villages. A table d'hôte menu is offered with a special lunchtime menu of 2 courses for £9.95 or 3 courses for £12.95 and there is an early bird dinner menu (between 5.30pm and 6.45pm) for £17.95 for 2 courses, in addition to an á la carte menu. The business has its own website www.theconservatoryrestaurant.co.uk which provides further background information and menus.

The business holds a Premises Licence No EXEP00111 which permits the retail of alcohol between 10.00am until midnight Monday to Saturday and from midday until 11.30pm on Sunday.

TRADING INFORMATION
Accounts for the year ending 28 February 2018 show sales of £233,973 net of VAT and full detailed accounting information can be made available to interested parties following a formal viewing.

OPENING HOURS
The business currently opens 5 days a week, Tuesday to Saturday 12:00noon until 2:00pm and 5.30pm until 9:00pm. Closed Sundays and Mondays. The business also closes for at least 2 weeks a year over Christmas and New Year for staff holidays.

CURRENT STAFFING
Our clients are not involved in the day to day running of the business and consequently they employ 3 full time (including their son who is the headchef/manager) and 4 part time members of staff.

POTENTIAL
Our clients advise that there is potential for further growth in trade levels with undoubted opportunities for marketing and advertising and to develop the social media presence of the business. There are also opportunities to extend the opening hours and the potential for incoming operators to develop their own style of cuisine and trade in a manner to suit their own personal requirements. Our clients are prepared to offer full handover and training to interested parties should they so require. The sale of The Conservatory provides the purchasers with an opportunity to acquire a high-quality catering business with an enviable reputation and new owners will benefit from being able to move in without the need for any major expenditure.

EPC
Listed property and therefore exempt.

RATING
For up to date Business Rates and Council Tax information relating to this property, we refer you to The Valuation Office website www.voa.gov.uk.

We are advised that this business currently qualifies for 100% Business Rates Relief.

SERVICES
All main services are connected to the subject property.

PRICE & TENURE
£59,950 for the valuable leasehold interest as a going concern business and full trade inventory. Wet and dry stocks to be additional at valuation. Vacant possession upon completion.

The business is held on the remainder of a 10-year lease which commenced in March 2012. The rent is £20,000 per annum and we are advised that the lease is fully renewable at the end of the existing term and that the landlord would be willing to consider offering a new lease to incoming tenants, should they so wish.

VIEWINGS
Strictly by appointment with the vendors Sole Selling Agents.Tel:(01392)201262.Email:info@stonesmith.co.uk
You are recommended to contact us before visiting the property even for an informal viewing. We can then confirm whether or not it is still available.

FINANCE
An early discussion about finance can often save time and disappointment. If you would like independent specialist advice on funding this property or any other purchase, we recommend you contact us for a list of our approved brokers.
Trading hours:
The business currently opens 5 days a week, Tuesday to Saturday 12:00noon until 2:00pm and 5.30pm un
Tenure:
Leasehold
Location Details:
The Conservatory is located in North Street, one of the main thoroughfares and a busy trading position with high footfall, just off the High Street, in the main shopping area of Exeter city centre. The Conservatory benefits from the considerable commercial advantages of its much sought after trading location, close to two large public car parks, offices and several well known national retailers.
Leasehold Term:
The business is held on the remainder of a 10-year lease which commenced in March 2012. The rent is £20,000 per annum and we are advised that the lease is fully renewable at the end of the existing term and that the landlord would be willing to consider
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