Hilton Smythe welcomes to the market this LOVELY authentic tapas restaurant, occupying a superb setting only a few yards from the river Thames.
The restaurant itself offers tremendous potential for the new purchaser being established for over 2 years now, during which time they have built up a loyal following.
They are now looking to pursue other business interests.
The restaurant offers 40 covers inside, with up to a further 15 alfresco, when the patio area is complete.
The restaurant offers an extensive tapas menu, together with a full a la carte menu, with some classic recipes.
The Business have a full alcohol license, offering a wide range of wines and spirits.
There is a website that can be found at http://www.picasso-tapas.co.uk/ which provides basic information, including some very positive reviews.
The restaurant is well established, however could easily be taken to the next level with a more comprehensive website, use of social media for more exposure and a thorough advertising campaign.
An internal inspection is very highly recommended to see the position and potential on offer for the discerning purchaser moving forward.Location
Picasso restaurant & Tapas bar offers a superb location in Caversham, just off the River Thames and only around 1 mile from the centre of Reading.
Reading is a large, historically important minster town in Berkshire, England, of which it is now the county town.
Located in the Thames Valley at the confluence of the River Thames and River Kennet, and on both the Great Western Main Line railway and the M4 motorway.
Reading is 70 miles east of Bristol, 24 miles south of Oxford, 37 miles west of London, 14 miles north of Basingstoke, 12 miles south-west of Maidenhead and 15 miles east of Newbury as the crow flies. Easy access is gained to all surrounding areas via the M4 motorway.Premises
This licensed restaurant which is approximately 69 sqm, is set over 2 floors, with on the first floor, the main restaurant area and bar, together with a rear patio which has partial river views.
You then have steps which lead down to the basement where you find his and hers toilets, a good-sized commercial kitchen and storage area.
There is a range of equipment included within the sale as follows:-
• 6 Burner gas cooking range
• Walk in fridge
• 3 Freezers
• Counter top fridge
• Display fridge
• Grill, microwave
• Double deep fat fryer
• Commercial extractor hood
• Meat slicer
• Bar and till
• Glasses etc for in excess of 40 covers
• Dumb waiter
• Waste water pump and macerator and fresh water pump for river water which means there is no flooding from the river
The restaurant offers a very authentic feel and must be seen to be appreciated, in this great location.Tenure
We are advised that the business is being sold as a Leasehold opportunity on a 15-year renewable lease with 12.5 years left to run.
The rent payable is £25,000 per annum.Hours
Tuesday To Sunday 12:00 p.m. to 2:30 p.m. and 6:00 p.m. to 11:00 p.m.
They have a license if needed until 12.30 a.m.Staff
The business is currently run by the owner, 2 full time and 1 part time member of staff.Financial Profile
We understand that the business turns over in the region of £120,000 per annum, with the owners just ticking over and not pushing the restaurant to its full potential.
We are advised that the current stock level at instruction is around £3,000.
According to the VOA website the current rateable value is £7,000, however the business presently benefits from small business rate relief so has no rates payable.