Archived
Long Standing Restaurant For Sale
Great Yarmouth, Norfolk
- Asking Price: £29,995 +SAV
-
Turnover:
We are advised the business generated an advised turnover of circa £74,000, further financial information can be made available.
Please quote reference B06221
- Tenure: Leasehold
Please quote reference B06221
Hilton Smythe welcomes to the market an exciting opportunity to acquire (on a leasehold basis) an exceptionally well run and performing, turnkey licenced Italian restaurant with an excellent reputation associated with this long-standing business.
Albatross Italian Restaurant in Great Yarmouth has been trading for 17 years, and under the ownership of our client since 2018. Only now has the business come to the market as our client looks to focus on another business project that they hope to start in the coming months.
This popular restaurant offers a warm and friendly environment for patrons to enjoy their evening meal with the business offering a quality Italian dining experience with the main restaurant area being able to cater for 45 covers. The restaurant operates on limited trading hours along with opening between the months of March till October leaving plenty of scope for longer opening hours.
We feel there is scope to increase turnover with the undertaking of a robust marketing campaign via local press, social media, and further promotion of the dedicated website, along with the possibility of introducing a takeaway service.
This is a highly desirable business and would be a very attractive proposition for either an individual or partnership looking for their first business in this sector which is already established or for an experienced operator looking for an additional business with an attractive income stream.
All fixtures and fittings along with catering equipment are to be included in the sale.
Very rarely do businesses of this calibre come to the open market therefore, early viewing must come highly recommended to avoid disappointment.
The business is ran and managed by 6 full time staff members.
The business opening hours are as followed:
Monday to Sunday - 18:00pm - 22:00pm
The business is located in a prime trading location on Regent Place in the popular seaside town of Great Yarmouth. The business is surrounded by a host of complementary businesses in an area that benefits from a very good level of footfall and passing trade.
Great Yarmouth, the UK's third most desired seaside destination, also close to the highly sought-after Norfolk Broads. The town is well serviced with a range of local amenities and leisure facilities including schooling, supermarkets, shopping centre, pubs, restaurants, bars, cinema, swimming pool and theme parks. The town further benefits from having good transport links into the Cathedral City of Norwich.
The business is located in a traditional restaurant premises, entered via street level into a bright and welcoming dining area, with a mixture of tables and chairs. Located to the rear area of the main restaurant is a further dining area, along with the bar and till area. To the rear of the premises there is a fully fitted commercial kitchen with a range of industry standard equipment, including range style cooker, dish washer, wine cooler, various freezer and refrigerated storage, ample preparation areas and extraction system.
The restaurant also benefits from having w/c facilities, and ample storage throughout.
Tenure
We are advised the business is being sold on a Leasehold basis with 4 years remaining on the original 7 years lease, the rent is £600 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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