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THRIVING WELL-PRESENTED AND PROFITABLE ‘FREE OF TIE’ AMERICAN DINER WITH HIGHLY ATTRACTIVE RENT SITTING IN A PRIME MAIN ROAD LOCATION ON THE A17 CLOSE TO THE LINCOLNSHIRE MARKET TOWN OF LONG SUTTON

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  • Prime main road location on the A17 between Kings Lynn and Boston and sitting directly next to a 40-bedroom Travelodge on the edge of the Lincolnshire market town of Long Sutton.
  • Open plan licensed American Diner (c70+ covers) with reception area, exposed brick walls, booth style seating, open plan grill, server and coffee prep station and eye-catching décor.
  • Grassed and gravel Al Fresco garden area with wooden picnic benches (c24) and established shrub borders; Patron’s lined car park.
  • Spacious and fully equipped Commercial kitchen with walk-in chiller, walk-in freezer and storage areas.
  • Advised turnover to end February 2018 circa £550,304 (incl. VAT).
  • Trade split of: 80% Food 20% Wet sales.
  • Privately owned ‘Free of Tie’ lease with a ‘highly attractive rent’ of only 3.4% of net turnover.
A FANTASTIC OPPORTUNITY TO PURCHASE A POPULAR AND THRIVING LICENSED ‘FREE OF TIE’ DINER SITTING IN PRIME LOCATION


ASKING PRICE £150,000 LEASEHOLD TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

This business is located in prime position sitting just North of Sutton Bridge on the major route A17 close to the Lincolnshire market town of Long Sutton. The property was a former Little Chef and is now owned and leased out by Travelodge and there is a 40-bedroom hotel directly next door. Nearby points of interest include the popular town and small port of Boston (20 miles) and the thriving market towns of Wisbech (8 miles) and Kings Lynn (13 miles). The East coast and the rectangular bay of the Wash are also within easy reach. The nearby road network links are excellent with the nearby A17, A16 and A47 all set amongst a series of other ‘A’ roads providing easy access throughout this beautiful county.

THE PROPERTY

This highly desirable licensed American diner is of brick construction and sits under a pitched tiled apex roof. A small welcoming entrance porch to the front provides access to the carpeted reception and open plan trading area. This consists of:

Diner & Grill (circa 70 covers) is an open plan area with a delightful warm, welcoming and relaxed atmosphere. Leather upholstered booth style seating is complimented by loose tables and leather upholstered chairs all sitting on a black and white chequered ceramic tiled floor. White painted exposed brick walls are complimented by black and white American themed photos adorning the walls throughout. To one end is a small wooden bar server that doubles up as a reception and drink service point. An open plan servery (with spacious kitchen area behind) runs the whole width of the diner having chargrills, hot plates, coffee preparation and service areas all on show. There is a large and spacious fully equipped commercial catering Kitchen with 5* EHO rating, stainless steel appliances and surfaces (appliances not tested) and wash up/prep areas. There is also a walk-in chiller and walk-in freezer.

Ladies, Gents and disabled W.C.’s.

Additional storage rooms / Staff area / Utility Room / Bottle stores / Dry goods store / Office.

OWNERS ACCOMMODATION

There is no owner’s accommodation for this business and it is currently a lock up.

EXTERNAL

To the front of the property is a small grassed and gravel Al Fresco garden area with wooden picnic benches (circa 24+ covers). The garden area has attractive red and white striped Dutch awnings, established shrubbery borders and rolling Lincolnshire countryside views. To the front and side of the property is the patron’s lined car park with space for circa 22+ cars.

TRADING HOURS

We are advised that the business trades with the benefit of the Premises Licence (not seen) which permits the sale of alcohol during the hours of:

Mon - Sun 10am to 11.30pm

Permitted Premises Opening Hours are:

Mon – Sun 7am to midnight

Current opening hours are:

Mon - Sun 7am to 9pm

NB. Important. Prospective purchasers wishing to continue to operate the public house should ensure that they gain the APLH Qualification in readiness for their intended operation of the Public House.

GENERAL REMARKS

The business is offered for sale as a lease assignment with approximately 12 years remaining of the ‘privately owned’ (Travelodge) full repairing and insuring, lease agreement. We are advised that the inn is ‘totally free of tie’ on all products. We are informed that the ‘highly attractive rent’ is currently £16,000 per annum (only 3.4% of current net turnover) to be reviewed in 2022. We are also advised that at the end of the term, the Lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954. We are advised that the property benefits from full electric mains services being connected (no services seen or tested). Business rates payable are advised as currently being circa £13,000 per annum.

THE BUSINESS

The current owner purchased this former Little Chef restaurant in 2014 and following a total refurbishment of the premises has since created a solid thriving and profitable casual dining business offering quality home cooked authentic American food and drinks to a loyal, repeat, passing and desirable clientele. Due to our vendor client’s other business interests they are now looking to sell the lease on. The business is currently operated by one of the owners assisted by circa 7 full and circa 7-part time/casual members of staff. This thriving business currently offers breakfasts, steaks, burgers, sandwiches, sweets, milk shakes and waffles to name but a few and is immensely popular by all that visit. This is recognised by the many exceptional reviews shining through on Trip Advisor and Google. The property is also a highly popular meeting point for American car rallies, scooter and bike meets and other clubs and societies that arrange to meet at this landmark venue. We are advised that accounts to end February 2018 show a turnover of circa £550,304 (incl. vat) achieved on a trade split of 80% Food & 20% Wet sales. New owners could continue to operate the business using the same highly successful formula or they may wish to take the business to the next level. In our opinion this could be achieved by taking advantage of the obvious opportunity to extend the opening hours or the introduction of a summer BBQ smoke grill and authentic Pizza offer. In our opinion this property could accommodate any style operation or world cuisine offer and does not have to remain as an authentic American diner.

Accounting information will be made available to interested parties after viewing.

This business was viewed by Richard Fletcher who would be delighted to discuss further details and can be contacted on 07527 718400. Viewing appointments must be made by contacting Guy Simmonds on 01332-865112.

Details prepared October 2018

ADDITIONAL IMAGES

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