For Sale
Excellent Opportunity – Popular And Thriving Restaurant
Tiverton, Devon
- Asking Price: £39,995
-
Turnover:
To be confirmed.
Please quote reference B04237
- Tenure: Leasehold
Please quote reference B04237
Hilton Smythe is delighted to welcome to the market Tiverton Steak House & Bar, a very popular restaurant in Tiverton Devon.
Tiverton Steak House & Bar was established in 1975 and has been in our client’s very careful ownership since 2017.
Only now is the business being offered to the market due to our client’s other business commitments.
Tiverton Steak House & Bar greatly benefits from being the only one of its kind in the area. As seen by the reviews on Tripadviser and Google, the steakhouse is extremely popular and has built up an excellent reputation.
The restaurant is open 6 days per week and generates the turnover from freshly prepared meals including specials and traditional Sunday lunch.
Tiverton Steak House & Bar has an excellent reputation and is renowned for its high-quality food and service, which has generated a very loyal client base with a lot of repeat trade and word of mouth referrals.
Tiverton Steak House & Bar was refurbished and rebranded due to covid 19 as the influx of coffee shops being bolted onto other businesses so the business concept changed to a steak house using the hot stone principle.
The sale of the business includes -
- Business website
- Social media pages - Facebook and Instagram
- Weddings
- Birthday celebrations
- Anniversaries
- Business lunch meetings
The business would also benefit from a small marketing campaign to advertise the business and cuisine offered.
We feel this is an excellent opportunity for a new owner to take this popular and thriving business to the next level therefore early viewing must come highly recommended to avoid disappointment.
The business is run and managed by our client with the help on one full time member of staff.
The business trading hours are as followed:
Monday to Thursday - 18:00pm - 22:00pm
Friday & Saturday - 18:00pm - 23:00pm
Bar licence is in place from 10:00am until midnight, scope to increase business trading hours.
Tiverton’s revival in recent years began with the construction of the A361 (known as the North Devon Link Road) In the late 1980s.
In the 1990s, a new industrial estate was built at Little Gornhay on the north-eastern edge of the town, and a new junction was added to the Link Road, with a distributor road (now the A396) into the town, which has become its main gateway. Great Western Way, linking this road to the Exeter Road along the line of the old railway, These two roads opened up a new aspect to the town and paved the way for expansion.
Tiverton is centrally placed to visit the exceptionally stunning areas of Dartmoor and Exmoor, along with the North and South Devon Coasts.
Our clients upgraded the kitchen to a stainless steel environment with 2 triple door fridges and a triple door fixer prep tables new flooring and in the restaurant new leather and beech wood table and chairs a larger bar area with 3 pump draft system and extensive redecorating throughout.
The property is extremely well presented and decorated to a very high standard.
The restaurant area is located on the ground floor.
The business further benefits from a large commercial grade kitchen on the first floor.
Equipment:
• Buffalo grill
• Panini grill
• Tabletop fryer
• 2 stainless steel worktops
• EPOS system (new)
• Various fridge freezers
• 6 ring cookers
• Extractor system
Tenure
We are advised the business is being sold as a Leasehold.
The Lease is a 7 year renewable Lease with a 3 year break clause which stated in 2019.
Rent: £12,500 per annum.
Hilton Smythe are advised the business doesn’t pay business rates.
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Borrowing £7,500 over 4 years with a representative APR of 27.4%, an annual interest rate of 27.4% (Fixed) and a deposit of £0.00, the amount payable would be £246.43 per month, with a total cost of credit of £4,328.83 and a total amount payable of £11,828.83
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