Highly Unique & Thriving Multi Faceted Business
Worthing, West Sussex
- Asking Price: £299,950 +SAV
We are advised the turnover as of the 2018 accounts will be £768,916, gross profit £295,928 and adjusted net profit of approx £84,971.
The business rates payable for this year are £27,000.
- Tenure: Leasehold
Hilton Smythe are privileged to offer to the market Worthing Pier Events. A multi-faceted business opportunity developed by our clients in 2014 and now offered for sale due to the directors other business ventures.
The building has undergone a £200,000 revamp taking it from a once closed down nightclub to a thriving daytime cafe, bar, live music venue and wedding venue.
Our clients have taken time and money to restore the Art Deco features throughout the building including adding grand chandeliers, outside sitting areas and a fully fitted commercial kitchen as well obtaining 2 licenses to hold wedding ceremonies on either the ground or first floor levels.
The business is split into 4 main areas - the first being the main driver of the business which is the daytime cafe/ bistro which accounts for over 50% of the current revenue.
The menu is driven by much loved classics to cater for the thousands of tourists who visit the pier throughout the main summer season such as:
• Fish and chips
• Afternoon cream teas
• Freshly made sandwiches and wraps
• Jacket potatoes
• Light bites
There is lots of potential to either add a full-time restaurant on the first floor function room, add specific pop up menu evenings or focus on the summer month evenings for more light bites and drinks focused menu. There is also very little takeaway food served which could easily be developed to maximise summer sales.
The other half of the business is split between the live music events, Christmas parties, theatre shows, comedy nights, wedding hire and private party hire.
Our clients have firmly planted the venue for live music particularly live jazz, blues, funk and soul. There is a growing calendar for 2019 already and the venue is fortunate to come with a midnight closing licence.
There are several Christmas themed evenings planned with live tribute acts, disco, dancers, comedy acts with buffet included.
To truly understand the magnitude and opportunity of this business and its unique location, early viewing is highly recommended.
The business is currently run and managed by the staffing team in place which includes a full-time manger, assistant manager, 2 x chefs, 2 x full time waiting staff and 15 x part time staff when required.
The 4 directors take an overview of the business with the know of an office manager / accounts assistant.
The business is currently open 364 days of the year, closing just Christmas Day.
A location like no other! Worthing Pier Events Ltd is run from the famous Worthing Pier Southern Pavilion, Worthing, West Sussex. With clear views over the Channel and the Sussex coastline, the location is truly breath-taking and highly unique for any business opportunity of this type.
Worthing Pier was designed by Sir Robert Rawlinson and opened in April 1862. Originally 960 ft long and 15ft wide, in 1888 the pier was widened to 30ft and the Pier head increased to 105 ft to allow for a 650-seater Pavilion.
In 1933 the Pier and all but the northern Pavilion was destroyed by fire. In 1935 the remodelled ‘Streamline Moderne’ Pier was owned, and it is this that remains today.
Worthing is a large seaside town in West Sussex, situated at the foot of the South Downs. 10 miles west of Brighton and 18 miles east of Chichester. For many centuries Worthing was a small mackerel fishing hamlet until the late 18th century it developed into an elegant Georgian seaside resort.
Today Worthing is enjoying significant investment, there is a large service industry, particularly in financial services.
There are 3 Theatres, exciting Restaurants and bars including Britain's oldest cinema the Dome, new retail areas and new housing developments are located in and around the bustling town centre.
The complete refurbishment has returned the building to its original Art Deco glory days of the 1930s.
This includes installation of beautiful crystal chandeliers, natural oak wood floors and renovation of the buildings original features inside and out.
• Beautifully restored 1930's reception hallway with feature glass works and oak panelling
• Includes the ladies and gents toilet
• Access into the new refurbished commercial kitchen
• Double doors lead into the double height main ballroom and events room
• Includes 2 x separate bars either side of the doors
• 2 sweeping spiral staircases to the mezzanine level
The room is organised as cafe dining throughout the day with softer seats to the rear of the room which allows clear views to all 3 sides.
The room has the feeling of a ship ready to sail, several exits allow wheelchair access to the sitting decks either side.
• Wraparound balcony overlooks the main grand ballroom
• Access into a private function room land side which can accommodate approx 40 diners
• Separate bar servery in this room with rear washing area
• Additional customer toilets
This room is not been used to its full potential and would be ideal as an independent restaurant or daytime location for business meetings/ private lunches.
Opposite side to the function room there are 2 further rooms currently been used as offices/ storage.
Large terraces to the ground floor and mezzanine levels allows for a further 100 covers which in summer months is essential.
We are advised the business comes with a long council owned Lease, originally 25 years with 21 now remaining paying just £42,000 per year in rent.
Business rates currently paid are £27,000 per year.