This superbly presented Restaurant and Bar is situated in the heart of the City of London in the highly sought after ward of Billingsgate which is one of the 25 Wards of the City of London. Its name is derived from being the City's original water gate, and this small City Ward is situated on the north bank of the River Thames between London Bridge and Tower Bridge in the south-east of the Square Mile.
This excellent Restaurant and Bar is extremely well positioned enabling the business to draw trade not just from the extremely high levels of footfall and passing trade due to its central position, but also from within the catchment area of many similar affluent wards and suburbs which provide an excellent level of repeat and passing trade. An enviable place to reside and a compelling trade opportunity.
This impressive business and property occupies a superb trading position within this densely populated commercial and residential location in central London.
Main entrance at the front leading into the lobby with stairs leading down to the lower ground floor Restaurant and Bar.
Lower Ground Floor Restaurant and Bar (circa 50 covers) is a good sized versatile room and is extremely well furnished with an excellent range of specialised dining tables with inset temperature controlled barbeque grills and pull down brass effect extractors above each table and a good range of upholstered chairs. There is also a return bar servery with a solid polished counter and a back fitting with shelving and refrigerated bottle coolers (not tested). There is also a Lounge Area with comfortable leather sofas.
Stairs leading down to the Basement Restaurant and Karaoke Rooms.
Basement Restaurant and Bar (circa 50 covers) is a good sized room set within 2 dining areas and offers a versatility and multi-functional usage; ideal for a variety of events including private functions, wakes and private parties etc. Being well furnished with a bespoke range of specialised dining tables with inset temperature controlled barbeque grills and bench style seating. There is also a return bar servery.
There are also 2 Karaoke Rooms and a Dry Goods/Wash-Up Room.
Catering facilities (situated on the lower ground floor) include a fully equipped commercial Kitchen with stainless steel appliances and preparation surfaces (appliances not tested). There is also a Wash-Up room.
Ladies and Gents W.C.s. situated on both the Lower Ground Floor and the Basement.
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:
Monday – Saturday – 10.00am – 11.00pm
Sunday – 10.00am – 10.30pm
The current opening hours are as follows:
Monday – Friday – Midday – 3.00pm & 5.30pm – Midnight
Saturday – 5.30pm – Midnight
Sunday – CLOSED
NB. Important. Prospective purchasers wishing to continue to operate this Restaurant and Bar should ensure that they gain the APLH Qualification in readiness for their intended operation of this business.
The business is offered for sale as a lease assignment with approximately 19½ years remaining of the private Free of Tie full repairing and insuring agreement. We are informed that the rent is currently £59,000 per annum. We are advised that the inn benefits from all mains services (no services seen or tested). Business rates payable are advised as currently being circa £33,615 per annum.
Our vendor client operates this well established and successful business as ‘sole trader’ on a full time basis with the assistance of 2 full time and 4 part time members of staff.
Trade is currently derived from circa 30% wet sales and 70% food sales, thereby providing massive scope for a new hands-on owner operator partnership with previous experience of running a catering/events orientated operation to take this business to the next level by exploiting the functions potential that is to be found here. There are many areas of potential to increase sales and profitability by implementing a strategic marketing campaign to utilise the premises for private parties, business meetings and wakes etc. There is also immense potential due to the high level of footfall and passing trade emanating from the exceptionally busy local commercial businesses and shops; to facilitate increased trading hours offering morning breakfasts and coffee etc which would have an incredible positive impact on the turnover and profits. This is truly an exciting business opportunity for those seeking a lifestyle change.
Advised current turnover circa £450,000+ (incl. VAT). This delightful business is a well-established and successful business and in our opinion with the above areas of potential we would quite easily expect a fully focussed and fully committed operator to achieve a turnover well in excess of £550,000 (incl. VAT).
Accounting information will be made available to interested parties after viewing.
Viewing appointments must be made by contacting Guy Simmonds at email@example.com.
Details Prepared: March 2019