Restaurants for sale in Newton Abbot

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 I had a great response from potential buyers which resulted in 3 offers for my business. 

Peter Webber (March 2014)
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Leasehold Price: £119,995 Turnover: £159,995 Gross Profit: £90,000
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Business Description
Hilton Smythe welcomes to the market Thatched Cottage Restaurant. The business was originally established in 1990 and was taken over by our client in 2009. This is a popular restaurant in the town, that receives a generous amount of repeat loyal trade.

The business currently runs as a traditional restaurant selling a substantial menu with modern pub classics, such as chicken tagliatelle, seafood medley, fillet steak, calves liver, chocolate mousse, ice creams and more. The restaurant caters for weddings, private parties and Christmas lunches.

The business generates a healthy turnover of around £160,000 per annum, with a gross profit of 56%. This is a great turnover, which has further scope to be increased. The new owner should look to extend the current menu and could also increase the opening hours. The business currently closes early on Sundays, serving Sunday lunches would be a great way of maximising custom.

Included in the sale, is the 5 bedroom owner’s accommodation, this is great for a family looking to relocate to this quaint town. However, if accommodation is not required by the owner, there is the option to let these rooms out as bed and breakfast rooms. There is a large amount of tourists that visit this restaurant; this would be a great plus to the business and would complement the trade well.

The restaurant already has an excellent online reputation, there is a business website and great online reviews on sites such as TripAdvisor.

This is a fantastic opportunity that is not to be missed. Hilton Smythe highly advise early viewing to take in the full potential of the trade.

Thatched Cottage Restaurant is located in Kingsteignton, Newton Abbot, Devon.

Kingsteignton is a large town in Devon, close to the River Teign. The town is mostly residential with a variety of independent stores dotted around; there is a car dealership, takeaway, restaurants, pubs, convenience stores, hair salon and more. The restaurant sees a heavy amount of trade from the locals.

There are several historic attractions in and around this town, such as Stover Country Park, Ugbrooke House and The Stover Canal. This is a popular destination for tourism, walkers and cyclists.

Kingsteignton is situated in Newton Abbot, this is approximately just a 5-minute drive away; Torquay and Paignton are also just 8 miles away from the town. There are several bus stops, with one just on the main road; a short 5 minute walk away. The closest train station is in the centre of Newton Abbot, this is also around 5 minutes away.

Thatched Cottage Restaurant boasts a beautiful substantial white wall and thatched 16th century cottage. There is a sign, this is clearly visible to passing trade. At the side of the property is a drive way, this leads to the back of the property, where there is a large car park. Across the front of the property is a stone wall with a gate near the entrance; there is also access to the back of the property.

The restaurant area feels cosy, with sofas near the bar area. The property is completed with red carpets and red walls. There are windows around the property this makes the restaurant feel lighter. The restaurant has a seating area for 45-50 covers.

The kitchen comes fully equipped with commercial stainless steel fixtures and fittings. There is no private kitchen for the accommodation, so the restaurant kitchen is used for both business and private use.

Equipment included in the sale, is as follows-

Expos machine

Coffee machine

Wine drinks cabinet

Wine rack

Glass cleaning machine

3 x freezers

3 x fridge

2 x Rational ovens

Double deep fat fryer

3 x sink units

Hot rack

Hot cupboard

Electric grill

The property also boasts a large 5 bedroom owner’s accommodation. Each of the 5 bedrooms are approximately the same layout and size. The living accommodation above the restaurant is accessed from the centre of the restaurant, via a small stair case leading onto a long L shaped landing, this leads off to the bedrooms.

The living room is approximately 20ft x 20ft, nice and spacious with great views.

There is an outside seating area at the rear of the restaurant for the warmer summer months.

Large vegetable garden on site.

We are advised the business is being sold as a Leasehold opportunity.

Original lease length: 20 years

Remaining lease length:  lease ends in 2031.  

Rent: £36,000 per annum

The business opening hours-

Monday: Closed

Tuesday - Friday: 10.00am – 3.00pm & 7.00pm – Late

Saturday: 7.00pm - Late

Sunday: 10.00am – 3.00pm

The business is run and managed by our client, with the help of family members, 2 full time and 6 part time members of staff.

The business generates a turnover in the region of £160,000 per annum.

Gross profit 56%

Tenure: Leasehold

Listed by: Hilton Smythe
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