For Sale
Highly rated vintage Tea Room business for sale
Bungay, Suffolk
- Asking Price: £39,995 +SAV
-
Turnover:
We are advised that the business generates a turnover in the region of £78,000. Further financials can be made available upon request.
- Tenure: Leasehold
Please quote reference B07308
CoGoGo are delighted to welcome to the market The Old Bank, a highly rated tea room in Bungay, Suffolk.
The business was first established in 2013, with our client taking over in 2020. The business is extremely popular within the local area, building up an excellent reputation and regular customer base.
The Old Bank has now come to the open market due to our clients desire to pursue other business interests.
There are many repeat local customers and also others that travel from across Suffolk and Norfolk and beyond.
The tearoom is fully licensed for the sale of alcoholic beverages and is available for exclusive hire as a venue for parties and events.
Key selling points -
- Very prominent trading location
- New lease in place
- Opportunity to add an evening bistro/restaurant
- Run to suit – opportunity to reduce current running costs
- Recently refurbished
- New kitchen installed
- Website & social media sites included
- Excellent reputation
- Extend current opening hours
- Add evening bistro menu
- Reduce current running costs
- Promote private parties/hen party & birthdays
We are advised that the business has 1 fill time and 2 part time members of staff.
The current trading hours are -
Monday - Closed
Tuesday – 10:00am to 4:00pm
Wednesday – 10:00am to 4:00pm
Thursday – 10:00am to 4:00pm
Friday – 10:00am to 4:00pm
Saturday – 10:00am to 4:00pm
Sunday - Closed
The Old Bank is located on Market Place, in the heart of Bungay, Suffolk.
The business has eye catching signage and receives high levels of footfall and passing trade.
Business housed within a prominent period building – previously the HSBC Bank
Ground floor -
- Open plan dining space with original height ceilings – 8 tables allowing 28 comfortable seating
- Service counter
- Newy fitted kitchen
- Storage area
- Toilet facilities
Tenure
We are advised that the business is being sold on a Leasehold basis, currently on a 3 year lease. The rent is £650 per month.
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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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