This highly desirable business is located in the heart of Oakham, the county town of the tourist attracting magnet of Rutland. Oakham is a pretty, traditional English market town bustling with locals, tourists and many shops making it well worth a day visit alone (see: https://www.discover-rutland.co.uk/oakham/. Positioned approximately 25 miles equidistant from Leicester, Peterborough and Nottingham the town is surrounded by glorious rolling countryside, other highly affluent towns and villages and many popular tourist attractions. Nearby points of interest include the popular Rutland Water (famed for its water sports and Nature Reserve), the Elizabethan Burghley House (where the famous horse trials are held) and several stately homes to include Rockingham and Belvoir Castles and Belton and Boughton House. The property is situated within easy access of the transport networks with the A1, A47 and A606 nearby complimented by further ‘A’ roads that provide access in and around this simply stunning county.
This substantial popular and attractive property is of brick and limestone construction and sits under a pitched slate roof. A large entrance porch to the front of the property provides access to all the trading areas. These consist of:
Open Plan Restaurant (c60+ standing and dependant on layout) is a highly attractive and well-presented room with a lovely warm and welcoming atmosphere. Assorted loose tables, benches, chairs and poseurs are complimented by a leather upholstered curved perimeter settee, leather upholstered tub chairs and further assorted comfy furniture. The room has a quality solid oak floor, exposed stone walls and to one end an exposed stone-built fireplace with built in log burner. To the other end of the restaurant is a conservatory extension with concertina doors that open onto the enclosed rear al fresco garden area. An eclectic mix of delightful modern decor and shabby chic furnishings also add to the character and charm of the room. There is also an inconspicuous waiting area that blends itself into the open plan restaurant creating a relaxing feel throughout.
There is a well-presented and well stocked central bar server of wood construction with a marble top and a highly attractive mosaic tile perimeter that services the trading areas. We are advised that there are also 4 capped lines that could enable the offer of cask ale should new owners wish to do so. Adjacent to the bar server is a separate self-contained coffee preparation station and servery offering a vast selection of delicious freshly made teas and coffees.
Ladies, Gents and Disabled W.C.’s / CCTV.
There is a fully equipped Commercial Catering Kitchen with stainless steel appliances and surfaces (appliances not tested) and Dessert/Prep and wash up area. There is also a ground floor cellar with python, remote etc that offers additional storage space.
There is no owner’s accommodation and this business is a lock up. Should owner’s accommodation be required there is the option to use one of the spacious letting rooms.
Situated on the 1st and 2nd floors of the property are 12 delightful and well-presented en-suite Letting Rooms. The rooms are accessed by a private resident’s entrance to the front of the property via a spacious entrance hall with exposed stone walls and lift access to both floors. All rooms have tea/coffee making facilities and HDTV’s.
To the rear of the property is a good sized enclosed al fresco Area with garden furniture tables and chairs as well as poseur tables and stools. This is set against a backdrop of an attractive painted mural wall amongst established shrubs, pots and planters. There is no car park for this business however on street parking is available throughout the town and there is a large pay and display car park adjacent to the property.
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 1am
Current opening hours are:
Mon- Sun 10am to 11pm
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.
The business is offered for sale as a lease assignment with approximately 4½+ years remaining of the privately-owned full repairing and insuring, renewable agreement. We are advised that the inn is totally ‘free of tie’ on all products and that the rent is currently £70,000 per annum not to be reviewed until 2020 (whereby increasing to £75,000 per annum). We are advised that at the end of the term, the current lease (not seen by Guy Simmonds) should be renewable with no further premium – subject to the provision of the Landlord & Tenant Act 1954 however there is a break clause available at 3 years (April 2022) if required. *Please note a rent deposit and ¼’s rent in advance will be required by the landlord. We are advised that the inn benefits from mains services (no services seen or tested). Business rates payable are advised as currently being under review.
The current owners took over the leasehold property in June 2019 after an extensive refurbishment of the property and they have since created a popular, thriving and highly attractive business. This currently offers quality home cooked Italian food, quality wines and drinks and comfortable accommodation to a loyal, repeat and desirable clientele. Due to personal circumstances and other business interests our vendor client is now reluctantly looking to sell the business on. The business is currently operated by the owner assisted by a restauranteur and several part time/casual staff. Sitting in the heart of the town the business provides immense opportunity to grow further given its position and highly attractive presentation. We are advised that currently turnover is circa c£9,000 (inc VAT) per week achieved on a trade split of 45% Accommodation, 28% Food and 27% Wet sales. This has been achieved from a standing start and in our opinion could easily increase to c£18,000 per week with a hands-on operator. New owners could continue to run the business using the same formula or may wish to take the business to the next level by putting their own stamp on it. This could be achieved by the introduction of a breakfast offer (currently operating on a room only basis), the introduction of light entertainment (which has proved highly popular in the past) and driving the accommodation forward by advertising on national letting websites. This business would ideally suit experienced operators who have previously worked in a similar hospitality environment.
Due to the short term in residence very limited financial 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 2019