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HIGHLY IMPRESSIVE AUTHENTIC KOREAN RESTAURANT AND BAR OFFERED ON A ‘FREE OF TIE’ LEASE, LOCATED IN THE HIGHLY SOUGHT AFTER WARD OF BILLINGSGATE IN THE HEART OF THE CITY OF LONDON

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  • Prominent and well positioned business situated in the prime ward of Billingsgate, City of London.
  • Good sized inviting and relaxing Lower Ground Restaurant and Bar (circa 50 covers) and a versatile and multi-functional basement Restaurant and Bar (circa 50 covers) plus 2 Karaoke Rooms.
  • Fully equipped Commercial Catering Kitchen.
  • Advised current turnover circa £450,000 (incl. VAT).
  • Trade derived from circa 70% food sales and 30% wet sales. Undoubted potential for catering/event orientated operators.
  • LONG LEASE - PRIVATE FREE-OF-TIE WITH APPROXIMATELY 19½ YEARS REMAINING.
AN EXCITING OPPORTUNITY TO ACQUIRE THIS TRULY SUPERB BUSINESS PROPOSITION OFFERING IMMENSE GROWTH POTENTIAL


ASKING PRICE £198,000 ‘FREE OF TIE’ LEASE TO INCLUDE FIXTURES & FITTINGS, GOODWILL, EXCLUDING S.A.V.

Location

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.

THE PROPERTY

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.

Office

Ladies and Gents W.C.s. situated on both the Lower Ground Floor and the Basement.

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:

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.

GENERAL REMARKS

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.

THE BUSINESS

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 sales@guysimmonds.co.uk.

Details Prepared: March 2019

ADDITIONAL IMAGES

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